As of March 17, the nickel ore inventories at Chinese ports dropped 295,000 wmt from a week earlier to 6.59 million wmt. The total Ni content stood at 52,000 mt. The port inventory across seven major Chinese ports stood at 3.22 million wmt, 295,000 wmt lower than last week. Nickel ore prices crashed this week. The NPI plants had to lower their quotes on the dropping NPI prices. The upstream and downstream companies still wrestled over the prices despite some mines’ price cut. NPI plants only purchased on rigid demand. The port inventory may maintain a downward track in the near future.
Source: SMM Information & Technology