Nickel inventory in Shanghai bonded areas down 14% on the week

SHANGHAI, Aug 24 (SMM) – Nickel stocks in Shanghai bonded warehouses dipped 14% from a week ago to 51,300 mt as of Friday August 24, SMM data showed. New arrivals from overseas continued to stand lower than the amount that moved from bonded areas to the domestic market. 

Large amounts of Norilsk nickel moving from bonded areas to the domestic market amid an open import window accounted for the decline, SMM learned. The decline was faster from a week-on-week drop of 4% last Friday. 

With shipment periods of about a month, forward cargoes are only expected to begin to grow bonded area stocks between late August and early September.