Nickel Ore Inventories at Chinese Ports up 37,000 wmt on Week

SHANGHAI, May 27 (SMM) - On May 27, the inventory of nickel ore across Chinese ports increased by 37,000 wmt to 5.4 million wmt compared with last week. The total Ni content increased by 300 mt to 42,400 mt. The total inventory at seven major ports across China stood at 2.258 million wmt, 27,000 wmt higher than the previous week. The port inventory of nickel ore stopped falling and increased slightly, but it was still at a historically low level. On the supply side, when the poor weather conditions in the Philippines in April and May ended, shipment from mines and goods transportation returned to normal, so the supply of nickel ore increased. On the demand side, due to the dropping NPI prices, NPI plants could get some profits to maintain their normal production and demand for raw materials.Besides, the previous nickel ore supply could not meet the demand due to the prolonged rainy season in the Philippines, hence some goods produced in June will be delivered according to the previous orders. The increase in nickel ore inventory will be limited in the future market.  In the short term, the port inventory of nickel ore will keep increasing slightly, and the market shall pay attention to the shipment from the Philippines and the domestic NPI plants’ demand for raw materials.

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