SHANGHAI, Dec. 22 (SMM) – Outbound shipments of nickel ore from the Philippines tumbled to 2.70 million wmt in November, down 39.05% from October’s, Shanghai Metals Market data showed.
“The sharp drop in Philippine ore exports is mainly because of waning demand and supply disruptions in the monsoon season,” SMM nickel analyst explains.
Production at Chinese NPI producers is worsening due to sluggish prices, reducing demand for ore.
NPI output, measured in Ni content, at domestic major NPI producers is down 4.19% in November, SMM survey shows.
Last week, trading in China’s medium and high-grade spot ore markets was thin, according to SMM's weekly report.
Last Friday, spot prices were 380-440 yuan per wmt for nickel ore (Ni 1.8-1.9%), 440-500 yuan per wmt for ore (Ni 1.9-2.0%), and 220-230 yuan per wmt for ore (Ni 1.5%), all unchanged week-on-week, according to SMM data.
In other news, nickel ore inventories at China’s major ports fell slightly last week, according to SMM data.
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