China's nickel ore inventory at ports slightly decreased last week

As of April 19, China's nickel ore inventory at ports was 6.895 million wmt (down 70,000 wmt from April 12), or 54,160 mt in metal content. Specifically, nickel ore inventory in the seven major ports was 3.258 million wmt. At present, the domestic nickel ore transactions are sluggish. Although some ports had both inflows and outflows last week, the upstream and downstream were in a deadlock due to rising NPI prices and fluctuating ocean freight. It is expected that with the announcement of a new round of Philippines nickel ore bidding prices, inventories at ports may experience fluctuations.