Platts to launch daily nickel ore CIF China spot price assessments

Platts, part of S&P Global Commodity Insights, will begin publishing daily nickel ore CIF China spot price assessments, effective Sept. 23, 2024.

The launch responds to growing interest from the market in seaborne nickel ore prices amid relatively tight supply in the Asia Pacific region, and amid elevated demand from China from the stainless steel and battery industries.

The new assessments also complement existing Platts assessments for the nickel value chain, including FOB Indonesia nickel pig iron (NPI), DDP China and CIF Northeast Asia nickel sulfate and CIF North Asia mixed hydroxide precipitate (MHP).

The nickel ore assessments will consist of two ore grades serving distinct downstream markets, with high-grade ore feeding into NPI production used in the stainless steel sector and low-grade ore mainly used to produce MHP for the battery sector.

Platts initially proposed the launch on Aug. 30, 2024, in a subscriber note available at: https://www.spglobal.com/commodityinsights/en/our-methodology/subscriber-notes/083024-platts-proposes-to-launch-daily-nickel-ore-cif-china-spot-price-assessments.

Following market feedback, Platts will reflect an amended purity specification for the low-grade assessment. The assessment will reflect 1.3% Ni, revised from 1.2% Ni initially proposed, considering comments that 1.3% Ni is the more commonly observed basis for low-grade nickel ore.

Additional changes to proposed specifications for both assessments are as follows:

• Platts will introduce a typical moisture content of 30% to its quality specification and is clarifying that the unit of measure is US dollars per wet metric ton.
• The timing specification will reflect arrival within 14-60 days, from an initially proposed 14-30 days, to accommodate shipments from West Africa.
• The location specification will reflect main Chinese ports, adjusted from Eastern China ports, following feedback that common delivery ports include non-eastern Chinese ports.

Full assessment specifications are:

Platts will additionally publish monthly averages for the daily price assessments of high-grade (ANIOC03) and low-grade (ANINO03) nickel ore.

The first monthly average calculations will update on Oct. 31, 2024, reflecting the average of daily assessments published throughout October.

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 nickel ore CIF China assessments.

A full description of Platts assessments methodology can be found here. The assessments will be published in Platts Metals Daily, Platts Nonferrous Metals Alert and in the Platts price database.

The assessments will be included on pages MTL/PMA8888 alongside Platts' full suite of battery metals assessments, as well as on pages MTL/PMA0663.

Please send feedback, comments and questions to PL_Asia_Nonferrous@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 make comments not marked as confidential available upon request.