SHANGHAI, Aug 6 (SMM) — Nickel ore inventories across all Chinese ports decreased 63,000 wmt from July 30 to 5.767 million wmt as of August 6, SMM data showed. In Ni content, the stocks stood at 45,400 mt.

SMM data also showed that nickel ore stocks across seven major Chinese ports shrank 163,000 wmt during the same period to 3.609 million wmt.

Pick up of nickel ore were frequent at ports, which led to further decrease of inventories. However, production demand of iron companies was still unfulfilled amid the peak of nickel ore delivery, and re-stocking at ports slowed down. It could be observed that recent nickel demand and supply was generally tight as a result of further increased nickel ore mainstream prices against stabilised ferronickel prices.

Based on the current inventory level, nickel ore inventories across all Chinese ports are unlikely to reach 8 million wmt ahead the rainy season.