China to use up nickel ore port inventories by April 2015
TORONTO (miningweekly.com) – Chinese ports are expected to run down their nickel ore inventories by April next year, Chinese metals market intelligence firm Shanghai Metals Market (SMM) said.
The firm last week noted that nickel ore inventories had been falling at China’s five major ports, – Tianjin, Rizhao, Lanshan, Lianyungang and Jingtang – which combined accounted for 70% of the country’s total port stocks.
As of October 10, stocks at the five major ports were 15.27-million tonnes, down 3.12-million tonnes, or a drop of 17% year-on-year, according to SMM data.
Based on the proportion at China’s five major ports, the country's total nickel ore inventories should be 21.81-million tonnes and 15.81-million tonnes of this is available, SMM reported traders having said.
At present, Chinese nickel pig iron (NPI) producers consumed 4.5-million tonnes of nickel ore each month based on current NPI output, SMM had calculated.
The firm noted last week that the monsoon season was expected to hit a significant low- and medium-grade nickel ore-producing region Surigao, in the Philippines, between October and April 2015, and possibly disrupt nickel shipments from the region.
SMM expected monthly imports of nickel ore from the Philippines to reach 2.5-million tonnes during October to March, after factoring in seasonal constraints and output at new or restarted mine capacities.
“In this context, two-million tonnes of nickel ore at China’s ports will be consumed each month during the period, without considering nickel ore inventories at NPI producers. This will reduce stocks at ports to 1.81-million tonnes by April 2015,” SMM estimated.
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