SHANGHAI, Feb. 17 (SMM) – Nickel ore inventories at seven major Chinese ports dropped slightly in the week ending February 17 after a sharp decline during the first trading week after the holiday, Shanghai Metals Market reported.
Nickel ore inventories at seven major Chinese ports were down 50,000 mt during the period, according to SMM data.
This past week, medium and high-grade nickel ore, both for spot and future delivery, held largely unchanged on a weekly basis. Spot supply at ports was tight, with very few offers heard.
SMM expects medium and high-grade nickel ore prices to advance in the coming week due to purchasing demand and higher prices of high-grade NPI, and low-grade nickel ore prices are estimated to hold largely stable.
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