SHANGHAI, Nov. 26 (SMM) – Last week, nickel ore inventories at six major Chinese ports totaled 10.03 million tonnes last week, rising above 10 million tonnes.
Will port inventories in China continue growing?
“Nickel ore inventories at those major ports have grown for four weeks in a row, and the main reason behind the rise is due to sluggish trading in the ore market,” SMM nickel analyst explains.
Chinese medium and high-grade NPI producers are now struggling in tough conditions due to low NPI prices but relatively high prices of ore. Some NPI producers, with ore inventories in hand, planned to stop production after using up current ore inventories, SMM survey finds.
“Weak demand is significantly slowing ore consumption at ports, but falling arrivals of shipments from the Philippines will on the other hand ease the growth,” says SMM nickel analyst, predicting a gradual de-stocking at ports.
According to China Customs, inbound shipments of nickel ore were down 17 percent in October month-on-month, a reflection of supply disruptions from the Philippines, the leading ore supplier, due to the monsoon season.
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