Nickel Ore Inventories at Chinese Ports Up 543,000 wmt WoW

SHANGHAI, Nov 4 (SMM) - As of November 4, the inventory of nickel ore across Chinese ports increased by 543,000 wmt to 9.095 million wmt compared with last Friday. The total Ni content stood at 71,000 mt. The total inventory at seven major ports across China stood at 4.99 million wmt, 263,000 wmt higher than last week. The rainy season began in the main mining areas in the Philippines in October, but the nickel ore stockpiled by NPI plants before the rainy season gradually arrived at ports, thus the port inventory increased. At the same time, the output growth of domestic NPI plants was limited in October and their in-plant inventories of nickel ore grew, slowing down the destocking of port inventory. The short-term port inventory of nickel ore will burgeon slightly.