Chemicals, Metals & Mining Theme, Solvents & Intermediates, Non-Ferrous, Ferrous

January 23, 2024

Platts proposes to launch daily nickel pig iron price assessment

Platts, part of S&P Global Commodity Insights, is proposing to publish a daily nickel pig iron FOB Indonesia price assessment, effective Feb. 19, 2024.

The proposal is in response to industry demand for greater price transparency on the NPI spot market, in view of the growth in Indonesian primary nickel supply. The launch of the NPI assessment would complement Platts existing suite of battery metals and stainless steel price assessments.

NPI has become a key intermediate in the production of nickel matte, which is used in nickel sulfate production. Like mixed hydroxide precipitate, NPI has become an alternative feedstock in the production of nickel sulfate, which goes into making nickel-manganese-cobalt batteries.

NPI is traditionally used as a feedstock in the production of stainless steel, which accounts for over two-thirds of nickel demand. Demand from the battery-making industry is also poised to continue rising amid growth in electric vehicle output.

The proposed assessment would have the following specifications:

Assessments Quality Impurities Incoterm Unit Volume Timing Payment Terms
Nickel pig iron FOB Indonesia daily Normalized to 10% Ni for cargoes within a range of 8-15% Ni

Carbon ≤ 4%

Phosphorous ≤ 0.05%

Sulfur ≤ 0.5%

Silicon ≤ 4.5%

 FOB Major Indonesian Ports USD/mtu Minimum 500mt Prompt Cash

Platts would additionally publish a monthly average of the daily price assessment.

Platts spot price assessments consider market information reported to Platts and published throughout the day, including firm bids and offers, transactions and indications, as well as any other data deemed relevant to the assessment process. Market information received before the 4:30pm Singapore (0830 GMT) timestamp would be considered for the daily NPI assessment.

A full description of Platts assessments methodology and data hierarchy can be found here.

The assessments would be published on Platts Connect, Platts Market Center, Platts Metals Daily, Platts Nonferrous Metals Alert and in the Platts price database.

Platts invites feedback on this proposal to battery_metals@spglobal.com and pricegroup@spglobal.com by Feb. 2, 2024.

For written comments, please provide a clear indication if comments are not intended for publication by Platts for public viewing. Platts will consider all comments received and will make comments not marked as confidential available upon request.