Nickel plate inventory at Shanghai bonded areas rises for five weeks

SHANGHAI, Jun 29 (SMM) – Nickel plate inventory at bonded areas in Shanghai rose for five consecutive weeks to 60,600 mt as of Friday June 29 on growing inflows and limited outflows, SMM data showed. The inventory went up 5.4% from a week ago, slightly higher than the 5% increase seen in the previous week.

Inflows into the bonded areas increased as some traders were keen to reroute international cargoes to China given a shrinking domestic inventory and an anticipated import arbitrage window.

Meanwhile, limited cargoes left bonded areas and flowed into the domestic spot market as import losses hampered trading activity.

SMM started to track nickel inventory at Shanghai bonded areas from May 25.