Nickel Ore Inventories at Chinese Ports Rose 167,000 wmt to 5.830 Million wmt

SHANGHAI, Jul 30 (SMM) — Nickel ore inventories across all Chinese ports increased 167,000 wmt from July 23 to 5.830 million wmt as of July 30, SMM data showed.

In Ni content, the stocks stood at 45,900 mt.

SMM data also showed that nickel ore stocks across seven major Chinese ports increased 277,000 wmt during the same period to 3.772 million wmt.

Jingtang port received the most nickel ore arrivals, and combined arrivals at Lanshan and Lanqiao ports were also considerable. Recently, nickel ore deliveries increased from the previous period amid strong downstream demand. Restocking was low, and most reservation period would be due in three months. In current period, orders have come in for September sailing schedule. Before the rainy season in the Philippines, supply of products available in the market could support less than 2 months’ demand. That is, the supply was generally tightened. Nickel ore prices may further trend up against a tight reservation schedule, with mild restocking in the short term.