Nickel ore inventories at Chinese ports fell 550,000 wmt to 4.96 million wmt

SHANGHAI, Jun 18 (SMM) — Nickel ore inventories across all Chinese ports decreased 550,000 wmt from June 11 to 4.96 million wmt as of June 18, showed SMM data.

In Ni content, the stocks stood at 39,100 mt.

SMM data also showed that nickel ore stocks across seven major Chinese ports decreased 450,000 wmt during the same period to 3.33 million wmt.

Nickel ore inventories dropped significantly this week, with the total inventory falling below 4 million wmt again. Domestic ferronickel production increased, and the demand for nickel ore was strong. In addition, steel plants' port pick-up was concentrated this week, and inventories dropped a lot. Due to the early bad weather in the Philippines, nickel ore inventories at Chinese ports dropped occasionally recently, while the overall upward trend will remain unchanged in the second and third quarters.