Shanghai Nonferrous Metals News
China imported 3.84 mln t of nickel laterite in May 2022, up by 54.73% m-o-m and up by 4.59% y-o-y. Nickle laterite supply from the Philippines, the largest supplier to China increased gradually in May, up by nearly 80% m-o-m but still showing a decline from the same period last year.
Philippine nickel laterite prices (Ni 1.5% grade) climbed to a high point at USD 102.5/t (WMT), CIF China during the period 16th March~6th April 2022. However, as of 21st June, nickel laterite prices had dropped by 13.66% from the high point to USD 88.5/t (WMT), CIF China.
This week, nickel laterite inventory at Chinese ports climbed by 11 kt to 4.88 mln t (WMT), equivalent to 38 kt in nickel metal. Nickel laterite inventories at the major seven ports were 2.01 mln t (WMT), down by 49 kt from last week.