Nickel ore inventories at Chinese ports fell 614,000 wmt to 7.26 million wmt

SHANGHAI, Feb 26 (SMM) — Nickel ore inventories across all Chinese ports decreased 614,000 wmt from February 18 to 7.26 million wmt as of February 26, showed SMM data. 
 
In Ni content, the stocks fell 4,800 mt to 57,200 mt. 
 
SMM data also showed that nickel ore stocks across seven major Chinese ports decreased 374,000 wmt during the same period to 5.9 million wmt.
 
Nickel ore inventories at Chinese ports dropped to a new low in the past three years, and the nickel ore market became increasingly tense. After the holiday, the FOB quotation and sea freight rates of nickel ore both increased significantly, especially the sea freight rates. The sharp increase in raw material prices made downstream restocking cautious. High ore prices amid wet season made the nickel ore market less active. The stocks had continuous downward trend in the near term.