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During the China's National Day holiday, the laterite nickel ore market is under pressure, mainly due to the fact that the domestic market has basically entered the holiday period, and the actual trade of goods in the market is limited, resulting in fewer actual transactions. With the low operation of nickel pig iron prices, mainstream domestic factories lowered their procurement expectations before the holiday, putting pressure on the price of nickel ore in the Philippines.
From the supply side, the Suligao mining area will enter the rainy season in the fourth quarter, and the overall supply will significantly decline. Domestic nickel pig iron mills have entered the period of raw material storage, and the mentality of rising prices dominates in mines. Currently, the price of Ni: 0.9% low aluminum ore is CIF $38/wet ton, and the price of Ni: 1.4% ore is CIF $45/wet ton.