Nickel inventory in Shanghai bonded areas down 4% on the week

SHANGHAI, Aug 17 (SMM) – Nickel stocks in Shanghai bonded warehouses dipped 4% from a week ago to 59,500 mt as of Friday August 17, SMM data showed.

Cargoes moving from the bonded area to domestic market amid an open import window accounted for the decline. Import profits have risen to around 400 yuan/mt, SMM learned. 

Forward cargoes are only expected to grow bonded area stocks in late August to early September. This week, new arrivals from overseas stood lower than the amount transferred from the bonded area to domestic market.