Refined nickel social inventory continued to decline last week

Last week, SMM refined nickel inventory in six major regions of China was 28,246 mt, a decrease of 1,333 mt WoW. As nickel prices rose slightly last week and rebounded by Friday's close, downstream purchasing sentiment cooled. However, the prices remained at low levels, leading the spot market atmosphere to warm up last week. In addition, with the continued increase in exports, the domestic inventory slightly fell, in line with the fundamentals.