Pure Nickel Social Inventory Accumulated Slightly in April

SHANGHAI, May 16 (SMM) - Compared with April 7, the pure nickel social inventory in China added 2.63% as of May 5, while the bonded zone inventory stood flat. In April, traders who locked in the SHFE/LME nickel price ratio shipped some overseas spots to the domestic market when the downstream demand was poor, thus driving up the social inventory. Besides, some overseas nickel plates under long-term contracts that were priced based on a mixed pricing model and settled in RMB flowed into the domestic market regardless of losses.