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

February 07, 2024

Platts to launch daily nickel pig iron price assessment

Following market consultation, Platts, part of S&P Global Commodity Insights, will be publishing a daily nickel pig iron FOB Indonesia price assessment, effective Feb. 19, 2024.

The launch 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 will 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.

Platts originally published the proposal on Jan. 24, 2024, and the relevant note can be found at: https://www.spglobal.com/commodityinsights/en/our-methodology/subscriber-notes/012324-platts-proposes-to-launch-daily-nickel-pig-iron-price-assessment

The assessment will have the following specifications:

Assessment Symbol Frequency Quality Impurities Incoterm Unit Volume Timing Payment Terms
Nickel pig iron FOB Indonesia ANIPA00 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 (within 14 days) Cash

Platts will additionally publish a monthly average (ANIPA03) of the daily price assessment, with the first calculation reflecting the average of assessments published in March 2024.

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 will be considered for the daily NPI assessment.

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

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

Please send comments, feedback, and questions to Battery_Metals@spglobal.com and pricegroup@spglobal.com.

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.