Nickel Ore Inventories at Chinese Ports Fell 80,000 wmt WoW

SHANGHAI, Aug 19 (SMM) - As of August 19, the nickel ore inventory at Chinese ports dipped 80,000 wmt from a week earlier to 6.21 million wmt. The total Ni content stood at 48,800 mt. Port inventory of nickel ore across seven major Chinese ports stood at 2,968,000 wmt, 60,000 wmt higher than last week.  The sluggish stainless steel and NPI markets weakened their demand for nickel ore. On the supply side, the shipment was low amid the poor demand, and the mines generally held a wait-and-see sentiment because of the rainy season. The short-term port inventory of nickel ore will hover around the current level, and the supply and demand may remain balanced.