Nickel Ore Inventories at Chinese Ports up 108,000 wmt WoW

SHANGHAI, Sep 9 (SMM) - As of September 9, port inventories of nickel ore in China added 108,000 wmt to 6.64 million wmt compared with last week. The total Ni content stood at 52,500 mt. Port inventory of nickel ore across seven major Chinese ports stood at 3.55 million wmt, 138,000 wmt higher than last week. Nickel ore gradually arrived at ports this week, while the NPI plants did not increase their production significantly. The demand picked up somewhat. Prices of stainless steel and NPI rose and their profits were restored, easing the pressure on ore prices. At the same time, the inquiries recovered, thus the import volume of nickel ore may gradually rise in the future. However, the long-term NPI surplus has not changed. Although the stockpiling period before the rainy season has arrived, NPI plants are still cautious about restocking. It is expected that the increase in port inventory of nickel ore will be small, and the inventory will remain at a low level.