SHANGHAI, Nov 19 (SMM) – Nickel ore inventories across all Chinese ports decreased 140,000 wmt from a week ago to stand at 14.51 million wmt as of Friday November 16, SMM data showed.
In metal content, stocks fell 1,000 mt for the same period and stood at 122,000 mt.
Despite the slight losses last week, nickel ore stocks across ports stayed at highs and continued the uptrend from May as Chinese plants stepped up their purchases from the Philippines in May-October to prepare for the rainy season in Surigao, Philippines, in November-March.
Inventories of nickel ore across Chinese ports reflect demand across domestic nickel pig iron (NPI) producers for nickel ore as China’s nickel ore consumption is dependent on imports.
