China Sees Bigger Declines in Nickel Ore 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.

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. 

The Commission on Appointments (CA) rejected on Wednesday the appointment of Environment Secretary Gina Lopez.

Nickel Asia Corporation said the company's estimated value of shipments during the first quarter of 2017 jumped by 47 percent to P2.19 billion from P1.49 billion during the same period last year.

Nickel ore inventories at seven major Chinese ports kept falling last week, Shanghai Metals Market reported.

SHFE 1709 nickel started at RMB 84,370/mt and closed at RMB 84,860/mt, up RMB 590/mt or 0.70%.

LME nickel will fluctuate at around USD 10,000/mt and SHFE 1705 nickel will fluctuate between RMB 81,900-83,500/mt.

SHFE 1705 nickel started at RMB 81,280/mt and closed at RMB 80,930/mt.