Shanghai Nonferrous Metals News
21st October: Nickel laterite inventories at Chinese ports rose by 328 kt w-o-w to 8.26 mln t (WMT), converting to 65 kt of nickel metal. Nickel laterite inventories at China’s major seven ports rose by 118 kt to 4.47 mln t (WMT) this week.
Nickel laterite prices (1.5% Ni) rose by USD 0.5/t from last Friday to USD 71/t CIF China this week, driven by shortening supply from the Philippines as a consequence of the beginning of rainy season. However, prices are unlikely to trend up further under pressure from shrinking profits at NPI smelters.