Nickel Ore Inventories at Chinese Ports Surged 130,000 wmt

SHANGHAI, Oct 22 – Nickel ore inventory at Chinese ports grew 130,000 wmt from a week earlier to 8.45 million wmt as of October 24, the seventh straight week of increase. Total Ni content stood at 66,300 mt. Total inventory at seven major ports stood at around 4.43 million wmt, a rise of 707,000 wmt from a week earlier.

The impact of the power rationing at NPI plants remained severe. Jiangsu issued a new power rationing notice this week. It is understood that the current operating rates in Guangxi, Guangdong, Jiangsu, Liaoning and other places are still low currently.

It is expected that nickel ore inventories still have room to rise before the rainy season.