SHANGHAI Nov. 4 (CBI China) -- Nickel prices remained low, leaving the nickel market extremely weak. Experienced large-scale sell off in previous period, trading at port are relatively dull.
A mining company told reporter currently there are only inquiries from old clients, mainly about high-grade nickel ore. Old clients maintained a fixed supply of nickel ore so as to avoid unnecessary losses, as grades of nickel ore varies much in current market.
A purchaser said offer of 1.93% nickel ore at Zhanjiang Port was less than RMB 200/mt, but due to importer delayed payment of storage fees, port administrative did not allow buyers to pick up goods, until storage fees is fully paid.
Nickel ore prices dropped below mining company’s expectation, while the price of many nickel ores with reliable quality did not declined. Many buyers said it is difficult to find nickel ore with grade above 1.8%.
Port inventory were still high and remained increasing. Nickel market will not witness prices rebound in the short term, as the market is still dull.
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