Arrivals of Nickel Ore at Chinese Ports Totalled 752,000 wmt as of October 21

SHANGHAI, Oct 21 (SMM) - As of October 21, arrivals of nickel ore at Chinese ports totalled 752,000 wmt, down 34% WoW. Cargoes arrived in a centralised manner at Yangjiang Port, Ningde Port and Lanshan Port. At present, the Philippines has gradually entered the rainy season. The main mining area of Surigao, the southern part of the Philippines, shipped very few goods due to weather restrictions. The supply of nickel ore is gradually shrinking, which will reduce the subsequent arrival. On the demand side, the NPI prices were high as the short-term NPI supply remained relatively tight after steel mills rapidly resumed their production amid the occasional ups of stainless steel prices, thus the NPI plants could accept higher raw material prices. Besides, NPI plants were eager to restock when the ore supply is scarce in the rainy season, thus the ore supply was in a tight balance. The import volume of nickel ore in October will be limited by the rainy season and will decrease month-on-month. The arrival of nickel ore at ports will also be small.