Nickel Ore Inventories at Chinese Ports Fell 118,000 wmt

SHANGHAI, Dec 24 – The nickel ore inventory at Chinese ports dipped 118,000 wmt from a week earlier to 8.66 million wmt as of December 24. Total Ni content stood at 68,000 mt. The total inventory at seven major ports stood at around 3.96 million wmt, a drop of 108,000 wmt from a week earlier.

The nickel ore inventories have fallen for five consecutive weeks since the end of November as the imports have decreased significantly. However, the downstream demand is also relatively weak due to the current high costs and the impact of environmental protection and production restrictions in some areas. Hence the inventory decline was not noticeable.

It is expected that the production situation of downstream plants will remain unchanged before the Chinese New Year, and the decline of nickel ore port inventory will continue.