Nickel inventories in Shanghai bonded zone decreased last week

SMM data shows pure nickel stocks in Shanghai bonded zone decreased by 200 mt WoW last week, standing at 4,300 mt, including 1,720 mt of nickel briquette and 2,580 mt of nickel plate. The main reason for the de-stocking in the bonded zone is the significant drop in SHFE nickel prices, some recovery in the downstream demand, and expanded profits from the export of nickel plates, leading to an increase in exports from the bonded zone. The nickel plate transactions in the domestic spot market are expected to pick up this week, with an increase in pure nickel exports and a continuation of de-stocking in the bonded zone.