SHANGHAI, Oct 15 – Nickel ore inventory at Chinese ports grew 827,000 wmt from the week before the National Day holiday to 8.32 million wmt as of October 15. Total Ni content stood at 65,300 mt. Total inventory at seven major ports stood at around 4.39 million wmt, an increase of 707,000 wmt from the week before the National Day holiday. The nickel ore inventory continues to rise, with a cumulative increase of 827,000 mt in two weeks.

The influence of the power rationing will extend to October. The output of downstream NPI is expected to fall again in October. While the port inventory will increase further ahead of the rainy season in the Philippines. The supply of nickel ore has become sufficient due to the power rationing start as early as in end of Q3, which also eased the possible short supply of nickel ore in the rainy season.