Shanghai bonded refined nickel stocks rose 1,000 mt on week

SHANGHAI, Oct 16 (SMM) – Inventories of refined nickel in the Shanghai bonded areas expanded slightly by 1,000 mt from last Friday October 9 to 23,800 mt as of October 16, showed SMM data.

The import window remained closed, and it is difficult to ship Russian nickel under long-term contracts to China, leading to the continuous increase in stocks from June. The loss of refined nickel imports narrowed again to around -2,500 yuan/mt as nickel prices rebounded this week, the exchange rate was lowered.

The nickel bonded stocks are expected to continue to pile up in the following weeks.