Nickel ore inventory at national ports decreased by 340,000 wmt from December 27 to 8.596 million wmt

As of January 3, nickel ore inventory at national ports decreased by 340,000 wmt from December 27 to 8.596 million wmt, with a total metal content equivalent to 70,560 mt. In the Philippines, nickel ore supply decreased due to mine shutdowns for holidays and the impact of the rainy season in the south. Subsequent port arrivals are expected to show no significant increase, and port inventory will continue to drop. Last week, the Philippine nickel ore market saw sluggish transactions, with shipments of low-nickel high-iron nickel ore ending for the year. Mid- to high-grade nickel ore saw a stalemate between upstream and downstream, with prices remaining stable overall. Regarding ocean freight rates, following the previous week's decline caused by the shift of loading locations to the north, freight rates remained stable last week.