Nickel ore inventories at Chinese ports fell 432,000 wmt to 5.51 million wmt

SHANGHAI, Jun 11 (SMM) — Nickel ore inventories across all Chinese ports decreased 432,000 wmt from Jun 4 to 5.51 million wmt as of June 11, showed SMM data.

In Ni content, the stocks stood at 43,400 mt.

SMM data also showed that nickel ore stocks across seven major Chinese ports decreased 492,000 wmt during the same period to 3.78 million wmt.

Nickel ore inventories dropped significantly this week. Shipments in the Philippine declined due to the weather, and the output of domestic ferronickel plants increased slowly with rising demand for nickel ore, which accounted for the decrease in stocks. However, shipments in Surigao have gradually recovered, and the decrease of stocks will not last long. Nickel ore inventories at Chinese ports will continue to post slow increase in the second and third quarters.