Nickel ore prices slightly rebounded
The average price of Ni 1.5% ore was $46/wmt on a CIF basis, up $0.6/wmt compared to the previous week. Nickel ore prices from Philippines to the domestic market slightly rebounded last week. This is mainly because the Surigao region entered the rainy season, leading to a significant decline in the export volume from Philippines to the domestic market in March, resulting in a reduction in spot transactions. Indonesia approved over 70 companies' requests for mining production quotas, with an annual sales quota of around 130 million wmt. It's expected that as the RKAB approval process continues, the limited inventories and higher procurement costs of NPI plants may ease. SMM will closely monitor this situation.
Nickel ore inventories at Chinese ports down 151,000wmt WoW
As of March 15, port inventories of nickel ore in China stood at 6.958 million wmt, down 151,000 wmt from March 8. The total Ni content was 54,660 mt. The port inventory across seven major Chinese ports totaled 3.313 million wmt, 60,000 wmt lower than March 8. The rainy season has arrived, the peak shipping period passed, and nickel ore will be in a phase of reducing inventory this month.
Amount of imported nickel ore arriving at ports totaled 259,300 wmt as of March 8
As of March 8, nickel ore arrivals at Chinese ports totaled 259,300 wmt, down 38% WoW. The weekly arrivals at the port remained at a low level. Surigao has officially entered the rainy season, expected to last until April, causing a decrease in the weekly arrival. In terms of specific ports, the increase in imported nickel ore was mainly concentrated at Ningde Port, Caofeidian Port, and Lanqiao Port. Due to the rainy season nearing, it's likely that arrivals at ports in March will be at low levels.
Please do not hesitate to contact Jean at jeantang@smm.cn or 86-19946295759 if you have any question or inquiry.
