Nickel led the losses among SHFE base metals and ended down 3.46%
SMM estimates that 80 vessels carrying 12.68 million mt of iron ore arrived at major Chinese ports during October 6-12, down 1.12 million mt from the week ended October 5.
The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on Oct 15, 2019
Arrivals at ports in the major steelmaking hub of Tangshan increased significantly
Russian nickel was quoted in a premium of 200-300 yuan/mt over the SHFE 1911 contract
SHFE base metals, except for aluminium, traded lower overnight
The US dollar rebounded slightly against a basket of other currencies
Most SHFE base metals closed lower as bullish positions booked profits and exited after US, China agreed to trade truce
Stocks were 1,700 mt higher from last Friday
Customs data show that China imported 99.35 million mt of iron ore in September, recording a new 19 month high.