China Sees More Declines in Nickel Ore Port Inventories, SMM Reports

Zhongwei shares issued an announcement last night that, in view of the company's continued optimism in the high nickel matte recovered from nickel laterite smelting, its wholly-owned subsidiary Zhongwei Hong Kong New Energy reached a supplementary agreement with RIGQUEZA to make additional investments in the joint venture PT.ZhongTsing New Energy. The two parties agreed to build a new laterite smelting project in Indonesia (Phase II) with an annual production capacity of 30,000 m of high nickel matte in metal content on top of Phase I project.

The current tightness of NPI, coupled with the upward trend in cost-end prices (mainly rising electricity prices) and the reduction in NPI output caused by power rationing, has made the problem of NPI shortage more difficult to solve.

The Philippines is expected to export approximately 4.65 million wet tonnes in July, and Ni content in ore exports is estimated at 39,300 tonnes in July. 

First Quantum Minerals announced to close its Ravensthorpe mine in Australia due to low nickel price. 

Last week, China’s total nickel ore port inventories kept growing on a weekly basis, Shanghai Metals Market reports. 

Last week, medium and high-grade nickel ore price, both for spot and future delivery, held largely stable, tracking steady movements in the high-grade NPI market. 

This past week, LME nickel declined from $9,445 to $9,035 per tonne. What’s the price outlook in the coming week?

On Tuesday, the Philippine government troops exchanged heavy gunfire with Islamist insurgents in Marawi, and Philippines President Rodrigo Duterte declared martial law on the entire island of Mindanao

Nickel ore inventories at seven major Chinese ports grew in the week ending May 12, Shanghai Metals Market data showed. 

Nickel ore inventories at seven major Chinese ports dropped in the week ending May 5, Shanghai Metals Market data showed.