Port Inventories of Nickel Ore Dip 484,000 wmt from January 20

SHANGHAI, Feb 3 (SMM) - As of February 3, port inventories of nickel ore in China fell 484,000 wmt to 8.1 million wmt from January 20. The total Ni content dropped 4,000 mt to about 64,000 mt. The port inventory across seven major Chinese ports stood at 4.52 million wmt, down 424,000 wmt from January 20. The inventory at Lianyungang Port decreased the most. During the Chinese New Year holiday, nickel ore trading was slack. And ore shipments from the Philippines stood low owing to the rainy season in the country. On the demand side, NPI factories and steel mills maintained their production. In such a context, the nickel ore inventory dropped palpably. It is expected that the port inventory of nickel ore will maintain a downward trend.