Port Inventories of Nickel Ore Added 321,000 wmt Compared with those before the National Day Holiday
As of October 14, port inventories of nickel ore in China added 321,000 wmt to 7.94 million wmt compared with those before the National Day holiday. The total Ni content stood at 62,000 mt. Inventory across seven major Chinese ports stood at 4.35 million wmt, 141,000 wmt higher than the pre-holiday level.
In the first half of October, the prices of nickel ore fluctuated upwards. As the NPI market gradually warmed up, the downstream became more willing to purchase nickel ore. Besides, due to the rainy season in the Philippines, NPI plants’ demand for nickel ore increased sharply, and the delivered goods gradually arrived at ports. The nickel ore inventory will gradually rise next week, which may reach more than 8 million wmt, and the inventory will begin to fall after the Philippines has fully entered the rainy season.
Source: SMM Information & Technology