Nickel Ore Inventories at Chinese Ports up 20,000 wmt WoW

SHANGHAI, Aug 26 (SMM) - As of August 26, port inventories of nickel ore in China added 20,000 wmt to 6.23 million wmt compared with last week. The total Ni content stood at 48,900 mt. Port inventory of nickel ore across seven major Chinese ports stood at 3.13 million wmt, 160,000 wmt higher than last week. The current demand for nickel ore from NPI plants and steel mills was poor, and consumption of nickel ore was slow in the case of low output. Although shipments from mines stood stable, the performance was still poor compared with the same period last year, hence the arrivals were lower than expected. Short-term ore inventory will hover around the current level. NPI plants are less willing to restock amid the bearish market outlook, so the port inventory cannot increase significantly.