SHANGHAI, Dec.4 (SMM)－As per SMM data, price of medium and high-grade nickel ore has slumped over 10% since November. Many NPI plants have nickel ore inventory cycle time of less than 2 months. SMM learned that some plants will gradually purchase goods from mid-December, which will lead stabilized price of nickel ore. Price of Indonesian nickel ore of grade Ni1.65% will probably offer at $40-43 per wet ton.
The reasons are listed as follows:
Firstly, many major plants of 4-month inventory cycle time are estimated to purchase goods from mid-December or January 2018.
Secondly, Indonesia mines shipment will probably be impacted by strike at pots and bad weather. Surigao of Philippines only supply 10 vessels goods each month (550,000 wet tons) during rainy season.
Thirdly, Domestic inventories at ports drops 6% to 9.57 million wet tons in early December, saying 7.85 nickel tons.
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