Pure nickel social inventory in six regions across China rose slightly

According to SMM research, pure nickel inventory in six regions across China stood at 30,056 mt as of March 22, up 522 mt from March 15. Nickel plates inventories increased by 522 mt. Based on SMM research, nickel prices impacted the downstream demand, causing some improvement in necessary purchases and spot market transactions. As downstream demand remains weak and upstream supplies keep rising, it suggests inventory accumulation continued. Expected arrivals of oversea nickel plates might slightly increase inventory this week.