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

February 19, 2024

Platts launches daily nickel pig iron price assessment

Platts, part of S&P Global Commodity Insights, has launched 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 complements 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 new assessment specifications are as follows :

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 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.

Following market consultation, Platts communicated its decision to launch the assessment on Feb. 7, 2024, and the relevant note can be found at: https://www.spglobal.com/commodityinsights/en/our-methodology/subscriber-notes/020724-platts-to-launch-daily-nickel-pig-iron-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 4:30 pm 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: /content/dam/spglobal/ci/en/documents/platts/en/our-methodology/methodology-specifications/Platts-Assessments-Methodology-Guide.pdf.

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

The assessment is included on pages MTL/PMA8888 alongside Platts full suite of battery metals assessments, as well as on pages MTL/PMA0403.

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.