Nickel Ore Inventories Fall 370,000 Wmt at Seven Major Chinese Ports

Zhongwei shares issued an announcement last night that, in view of the company's continued optimism in the high nickel matte recovered from nickel laterite smelting, its wholly-owned subsidiary Zhongwei Hong Kong New Energy reached a supplementary agreement with RIGQUEZA to make additional investments in the joint venture PT.ZhongTsing New Energy. The two parties agreed to build a new laterite smelting project in Indonesia (Phase II) with an annual production capacity of 30,000 m of high nickel matte in metal content on top of Phase I project.

The current tightness of NPI, coupled with the upward trend in cost-end prices (mainly rising electricity prices) and the reduction in NPI output caused by power rationing, has made the problem of NPI shortage more difficult to solve.

The Philippines is expected to export approximately 4.65 million wet tonnes in July, and Ni content in ore exports is estimated at 39,300 tonnes in July. 

First Quantum Minerals announced to close its Ravensthorpe mine in Australia due to low nickel price. 

Last week, China’s total nickel ore port inventories kept growing on a weekly basis, Shanghai Metals Market reports. 

Nickel ore inventories at seven major Chinese ports grew in the week ending May 12, Shanghai Metals Market data showed. 

Nickel ore inventories at seven major Chinese ports dropped in the week ending May 5, Shanghai Metals Market data showed. 

Nickel ore inventories at seven major Chinese ports increased finally in the week ending April 21, Shanghai Metals Market data showed.

Nickel Asia Corporation said the company's estimated value of shipments during the first quarter of 2017 jumped by 47 percent to P2.19 billion from P1.49 billion during the same period last year.

Prices for medium and high-grade nickel ore in China’s domestic market are expected to hold largely stable in the coming week, Shanghai Metals Market foresees.