Nickel Ore Inventories at Chinese Ports Down 98,000 wmt WoW

SHANGHAI, Nov 18 (SMM) - As of November 18, the inventory of nickel ore across Chinese ports decreased by 98,000 wmt to 9.04 million wmt compared with last Friday. The total Ni content stood at 71,000 mt. Port inventory of nickel ore across seven major Chinese ports stood at 4,792,000 wmt, 58,000 wmt lower than last week. Poor weather conditions in the Philippines and transportation problems reduced the nickel ore supply. On the demand side, NPI output is expected to increase in November, and the consumption of raw materials will grow, which will accelerate the destocking of nickel ore. Short-term port inventory of nickel ore will remain rangebound with gradual declines.