SHANGHAI, Apr. 24 (SMM) – Nickel ore inventories at seven major Chinese ports increased finally in the week ending April 21, Shanghai Metals Market data showed.
Inventories at the seven ports, after kept falling for a long time, were up 40,000 tonnes on a weekly basis, according to SMM data.
Last week, medium and high-grade nickel ore were dragged down by falling nickel prices and bigger losses in the high-grade NPI market.
SMM expects medium and high-grade nickel ore prices for future delivery to remain weak in the coming week, as the beginning of peak shipment period in the Philippines and ores from Indonesia will bode ill for the market. Spot prices of medium and high-grade nickel ore are estimated to hold stable due to supply tightness.
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