SMM

As of September 20, nickel ore inventory at ports nationwide increased by 150,000 wmt to 9.412 million wmt compared to August 30. The total metal content is equivalent to 73,900 mt. In the Philippines, due to low-pressure weather in September, frequent rainfall covered the main Philippine nickel ore production areas, resulting in a certain reduction in the actual export volume of Philippine nickel ore in September. Subsequently, as the bearish sentiment towards nickel ore prices becomes more apparent, downstream buyers will be more proactive in pressing down the prices of Philippine nickel ore.