Nickel Ore Inventories at Chinese Ports Fell 61,000 wmt WoW

SHANGHAI, Jul 15 (SMM) - As of July 15, the nickel ore inventory at Chinese ports dipped 61,000 wmt from a week earlier to 5.21 million wmt. The total Ni content fell by 400 mt to 41,000 mt. The nickel ore inventory was at a historically low level this week. The port inventory of nickel ore across seven major Chinese ports stood at 2.547 million wmt, 149,000 wmt higher than the previous week. The inventory at Lianyungang port rose sharply due to the pandemic outbreak in this area, while the inventory at Jinzhou Port and Tieshan Port dropped palpably because of the restocking rhythm. At present, the shipment from the Philippines has returned to normal, but the downstream demand is weak and the nickel ore prices are on a downward trend, which can hardly boost the nickel ore imports. In the short term, port inventory of nickel ore may remain rangebound at the current level.