The nickel ore inventory at Chinese ports dipped 175,000 wmt from a week earlier to 8.28 million wmt as of January 28. Total Ni content stood at 65,000 mt. The total inventory at seven major ports stood at around 3.96 million wmt, 135,000 wmt lower than a week earlier.

The arriving shipments and shipping slowed down as the CNY holidays are approaching. The wet season in the Philippines also limited the shipments arrivals.

The port inventory will maintain a downward trend in the short term in the absence of supplement by other resources.
Source: SMM