Nickel Ore Inventories at Chinese Ports Fall 118,000 wmt WoW

Published: Mar 13, 2023 14:58

Save

As of March 10, the nickel ore inventory at Chinese ports dipped 118,000 wmt from a week earlier to 6.89 million wmt.

SHANGHAI, Mar 13 (SMM) - As of March 10, the nickel ore inventory at Chinese ports dipped 118,000 wmt from a week earlier to 6.89 million wmt. The total Ni content stood at 56,400 mt. The port inventory of nickel ore across seven major Chinese ports stood at 3.52 million wmt, 88,000 wmt lower than last week. The nickel ore arrivals at ports were low last week, and the NPI prices were still expected to fall further, so the mines insisted on high ore quotes. The downstream companies were less willing to restock, and they mainly consumed the in-plant inventories of nickel ore. The shipment volume last week was less affected by the demand and the rainy season.

Inventory

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or for more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

1 hour ago

[SMM Stainless Steel Flash] Weakening US Dollar and Geopolitical Optimism Propel LME Nickel to Weekly High

LME nickel futures rose for a fourth consecutive session, rebounding toward US$18,000/ton. Growing expectations of a Middle East peace accord pushed oil prices to a three-month low, easing global inflation concerns and weakening the US dollar, lifting nickel to a weekly high. Fed rate hold expectations for this month added further support, paring some of June's earlier losses. LME nickel inventories rose 942 tons to around 27.5mt. However, sluggish seasonal demand and elevated stockpiles exceeding 270,000 tons cap near-term upside, pointing to a volatile, range-bound outlook in the short term.

1 hour ago

[SMM Stainless Steel Flash] Chinese Taiwan's Yusco Reports Revenue Reaching Seven-Month High for May

Chinese Taiwan's stainless steel leader Yusco reported consolidated revenue of NT$3.69 billion for May, up 37.3% YoY and 21.6% MoM, its highest level since November last year, driven by seven consecutive months of stainless steel price increases. Cumulative revenue for the first five months reached NT$14.95 billion, still down 7.8% YoY. Supported by overall market improvement and elevated raw material costs, Yusco raised June prices for its benchmark 304 hot-rolled and cold-rolled coils by NT$2,000/ton, bringing the two-month cumulative increase to NT$6,000/ton. Downstream inventory replenishment activity continues to strengthen full-year business prospects.

1 hour ago

[SMM Stainless Steel Flash] Chinese Taiwan's Stainless Steel Exports Rebound to Fuel Factory Optimism

Chinese Taiwan's stainless steel sector showed a broad recovery in May, with export volumes rising 22% MoM to a yearly high of approximately 77,000 tons while export pricing climbed to its highest level in over a year, confirming international buyers' acceptance of consecutive stainless steel mill price hikes. Incoming shipments fell below recent monthly thresholds, easing market disruption from cheap foreign materials. The turnaround marks an end to a prolonged industry downturn dating back to 2023. With seven consecutive months of domestic price increases and strengthening global demand, markets are expecting a substantial improvement in corporate earnings ahead.

1 hour ago