China Nickel Ore Inventories Grow after Declines, SMM Reports, with Price Support Available at Lows

Published: May 15, 2017 09:23

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

SHANGHAI, May 15 (SMM) – Nickel ore inventories at seven major Chinese ports grew in the week ending May 12, Shanghai Metals Market data showed.

Inventories at the seven ports grew after falling two weeks ago, up 70,000 tonnes last week, according to SMM data.

Last week, prices of medium and high-grade nickel ore, both for spot and future delivery, were down, mainly because of falling prices of high-grade NPI and production cuts at domestic NPI producers.

SMM expects medium and high-grade nickel ore prices for future delivery to keep falling in the coming week, but will find support at lows as Philippine mines hold back sales at lows.

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