SHANGHAI, Sep 17 – Nickel ore inventory at Chinese ports grew 546,000 wmt from a week earlier to 7 million wmt as of September 17. Total Ni content stood at 55,100 mt. Total inventory at seven major ports stood at around 3.7 million wmt, a rise of 136,000 wmt from a week earlier.
Nickel ore inventories increased significantly this week. NPI plants cut output significantly due to power rationing.
Output of medium-grade and high-grade NPI is expected to fall 12,800 mt with Ni content on the month in September, a month-on-month decline of 31%. Therefore, the consumption rate of nickel ore has slowed down.
If production restrictions are further implemented, the current supply tightness of nickel ore may be eased. Port inventory is expected to accumulate.