China Nickel Inventory Continued to Decline in January

SHANGHAI, Feb 17 (SMM) - In January, the social inventory of refined nickel and the inventory in the bonded areas both showed sharp declines. The social inventory fell by 3,208 mt month-on-month to a two-year low of 7,856 mt as downstream buyers stocked up for the CNY holiday. The inventory in the bonded areas declined 2,200 mt MoM to 8,100 mt. Nickel prices rose sharply amid robust stocking demand. Imported nickel flowed into the domestic market after the import window opened, hence the inventory in the bonded areas decreased. The social inventory increased 2,750 mt from the end of January to 10,606 mt as of February 11 as the inventory accumulated during the CNY holiday. However, the increase was in line with expectations and was relatively small.

Output at smelters surveyed by SMM