As of October 21, port inventories of nickel ore in China added 328,000 wmt to 8.26 million wmt compared with last week. The total Ni content stood at 65,000 mt. Port inventory of nickel ore across seven major Chinese ports stood at 4.47 million wmt, 118,000 wmt higher than last week. NPI plants restocked raw materials in a centralised manner before the rainy season in the Philippines, pushing up the arrivals of NPI at ports.
The main mining areas in the south Philippines have entered the rainy season, and it is expected that the port inventory of nickel ore will rise in the short term and then decline. Meanwhile, the rainy season will also support the ore prices to a certain extent.
