Nickel Ore Inventories at Chinese Ports down 230,000 wmt

SHANGHAI, Apr 1 (SMM) - As of April 1, the nickel ore inventory at Chinese ports dipped 230,000 wmt from a week earlier to 5.887 million wmt. Total Ni content stood at 1,800 mt. The total inventory at seven major ports stood at 2.475 million wmt, 125,000 wmt lower than last week. Port inventory continues to decline, and it is at a relatively low level in history now. According to SMM research, the rainy season in the Philippines is coming to an end, but the shipment volume cannot rise rapidly. Therefore, it is expected that the growth rate of domestic imported nickel ore will be slow, and the port inventory will be hard to accumulate. The demand for nickel ore is not reduced due to the good profits in NPI plants. In general, it is expected that the destocking speed of nickel ore will slow down in the following days.

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