China Sees Continues Declines in Nickel Ore Inventories, with Prices to Rise, SMM Foresees

SHANGHAI, Mar. 20 (SMM) – Nickel ore inventories at seven major Chinese ports kept falling last week, Shanghai Metals Market reported.

Nickel ore inventories at seven major Chinese ports were down 190,000 tonnes last week, according to SMM data.

Will Nickel Keep Falling after Indonesian New Export Policy Changes Market Expectations over Ore Supply? SMM Reports

This week, medium and high-grade nickel ore prices for spot and future delivery are expected to rise due to strong buying interest, SMM foresees. But, price gains will be small given lack of rising strength in the high-grade NPI market. 

SMM expects low-grade nickel ore prices, both for spot and future delivery, to hold largely stable this week.

Sources: Glencore Sells Indonesian Nickel Ore

Last week, no deals were heard for medium and high-grade nickel ore for future delivery due to supply shortages and big price gap between buyers and sellers. Spot transactions were reported at ports, with traded prices holding stable. In the low-grade nickel ore market, prices for future delivery edged up with rising sea freight charges.

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