SHANGHAI, Jun. 2 (SMM) – The price of medium and high-grade nickel ore is expected to get support from falling supply from the Philippines, Shanghai Metals Market foresees.
The monsoon season is coming from June in Philippine’s Zambales and Palawan, the major producing regions of medium and high-grade nickel ore.
“Falling supply during the monsoon season will give some support to ore price, which is now under downward pressure from poor trades and falling LME nickel prices,” SMM’s nickel group says.
Last week, China saw a drop in nickel ore inventories at major ports, according to SMM data. Earlier, news reported production suspension at four nickel mines in Zambales.
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