SHANGHAI, Aug. 4 (SMM) – Nickel ore inventories at China’s top five ports – Rizhao, Lanshan, Lianyungang, Tianjin and Jingtang – totaled 14.72 million tonnes in the week ending Aug. 1, up 167,000 tonnes, Shanghai Metals Market data showed.
Depressed sales and increased arrivals of high Fe/low Ni ore against sluggish market were blamed for the growth of port inventories, SMM understood.
Suppliers of high-grade nickel ore at ports were reluctant to sell at lows due to bullish outlook, resulting in poor sales.
Last week, stocks at the Port of Tianjin increased 50,000 tonnes, as spot transactions were dampened by low operating rates at Inner Mongolian NPI producers.
Port congestion was also reported from the Port of Rizhao and Port of Lanshan because of rainfalls. In addition to adverse weather conditions, the arrivals of three ships, carrying high Fe/low Ni ore, brought inventories at Rizhao up by 150,000 tonnes last week due to weak demand.
The Port of Lanshan witnessed a drop of 33,000 tonnes in inventories last week, and reported the arrivals of goods booked earlier by NPI producers.