Nickel Ore Inventories at Chinese Ports Surged 190,000 wmt
The nickel ore inventory at Chinese ports grew 190,000 wmt from a week earlier to 9.24 million wmt as of November 12. Total Ni content stood at 72,500 mt. The total inventory at seven major ports stood at around 4.46 million wmt, a drop of 150,000 wmt from a week earlier.
The nickel ore inventory continued to increase.The demand for nickel ore was weaker than the normal levels as the NPI production in some regions has not fully recovered. But the import volume of nickel ore has declined sharply.
The shipments from the Philippines in October stood at around 4.6 million wmt, lower than in November. The NPI plants said that most of them restocked inventory only sufficient to production by the year-end. The port inventory is expected to decrease.