Nickel Ore Inventories at Chinese Ports Down 98,000 wmt WoW

SHANGHAI, Nov 25 (SMM) - As of November 25, inventory of nickel ore across Chinese ports fell by 98,000 wmt to 8.94 million wmt compared with last Friday. The total Ni content stood at around 70,000 mt. Port inventory of nickel ore across seven major Chinese ports stood at 4.68 million wmt, 108,000 wmt lower than last week. Nickel ore supply remained low, and the shipments flowing out of ports have decreased recently. On the demand side, NPI plants were less willing to purchase high-priced raw materials as the NPI prices dropped, which failed to boost the nickel ore imports. Meanwhile, NPI output grew, resulting in a fall in the in-plant inventories of nickel ore. It is expected that the nickel ore inventory at ports will fall gradually in the near future amid the shrinking supply while stable demand.