Nickel ore inventories at Chinese ports rose 504,000 wmt to 8.85 million wmt

Nickel ore inventories across all Chinese ports declined 154,000 wmt from Aug 31 to 8.19 million wmt as of July 31, showed SMM data.

SMM data showed that aluminium billet stocks across the five major consumption areas — Foshan, Wuxi, Huzhou, Changzhou and Nanchang — in China built up 9,900 mt from a week ago to 75,800 mt as of Thursday August 6. 

Nickel ore inventories across all Chinese ports rose for a second straight week this week, increasing 50,000 wmt from a week earlier to 8.09 million wmt as of Friday June 19, showed SMM data.

Social inventories of silicon metal in China rebounded this week on the back of increased operations and ramped-up capacity in Yunnan as well as the continued shipment from silicon plants to social warehouses. 

Inventories of refined nickel in the Shanghai bonded areas increased this week as a rally in the US dollar widened import losses of refined nickel to as much as 3,500 yuan/mt, prompting cargo holders to move seaborne arrivals at ports to the bonded warehouse. The SHFE/LME nickel price ratio stabilised at 8.0 this week.

Inventories of seaborne iron ore at Chinese ports rose this week, as demand recovery from port closures in Tangshan was offset by the inflows of cargoes previously stranded due to port congestion.

Inventories of refined nickel in the Shanghai bonded areas dipped 600 mt in the week ended June 5 to 14,800 mt, showed SMM data.

Inventories of seaborne iron ore at Chinese ports edged higher this week, after seven consecutive weeks of declines, as improved demand was offset by greater arrivals.

Zinc inventories in China rose this week, due to concentrated arrivals and weaker demand.  SMM data showed that social inventories of refined zinc ingots across Shanghai, Tianjin, Guangdong, Jiangsu, Zhejiang, Shandong and Hebei increased 8,100 mt in the week ended June 5 to 223,700 mt, after a decline of 10,100 mt mt in the previous week. The stocks rose 4,700 mt from Monday June 1.

Copper inventories in three major consumption areas in China extended their slide this week, falling for the 12th consecutive week as of June 5, but the overall decline narrowed from a week ago and stocks in Shanghai rebounded amid slower consumption.