Nickel Ore Inventories at Chinese Ports Fell by 40,000 wmt WoW

SHANGHAI, Aug 12 (SMM) - As of August 12, the nickel ore inventory at Chinese ports dipped 40,000 wmt from a week earlier to 6.289 million wmt. The total Ni content stood at 49,000 mt. Port inventory of nickel ore across seven major Chinese ports stood at 2,908,000 wmt, 100,000 wmt lower than last week. The inventory remained rangebound, and the market supply was tight. On the demand side, steel mills and NPI plants still cut their production, and the demand for raw materials was poor, which further affected the import volume and rhythm. On the supply side, mines would not ship amid the low ore prices. The short-term port inventory of nickel ore will hover around the current level.