On April 26, nickel ore inventories at ports in China were 6.925 million wmt, up 30,000 wmt WoW. The metal content stood at 54,400 mt. Specifically, inventory in China’s seven major ports was 3.288 million wmt. Although the domestic downstream adopted a wait-and-see attitude in purchases, port arrivals slightly recovered due to shipments from the Philippines. The port arrivals are estimated to continue to recover amid stable transactions with the Philippines.
![[SMM Analysis] Influenced by macro sentiment, MHP and high-grade nickel matte prices declined this week.](https://imgqn.smm.cn/usercenter/CWsEw20251217171732.jpeg)

