Nickel Ore Inventories at Chinese Ports up 90,000 wmt from Monday

SHANGHAI, Apr 22 (SMM) - As of April 22, the nickel ore inventory at Chinese ports increased 90,000 wmt from Monday to 5.664 million wmt. Total Ni content stood at 1,000 mt. The total inventory at seven major ports across China stood at 2.552 million wmt, 200,000 wmt higher than the previous week. The decrease in port inventory of nickel ore stops. The tight supply is eased by the increase in shipment from major mining areas in the south of the Philippines. However, due to the weather condition in the Philippines, it still takes some time to recover to the level of the peak season. Besides, weak downstream demand also contributed to the increase in nickel ore inventory. Due to the pandemic outbreak, the consumption of in-plant nickel ore inventory is slowed down by the difficulty in transporting raw materials and the production reduction of smelters, hence the port inventory stops declining. SMM expects that nickel ore inventory will remain at the current level. It will rise sharply when the shipments of nickel ore from the Philippines increase significantly.

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