Shanghai bonded nickel stocks fall for 1st time in 11 weeks

SHANGHAI, Sep 29 (SMM) – Inventories of refined nickel in the Shanghai bonded areas declined last week for the first time in 11 weeks, as imports of the key ingredient in stainless steel and electric vehicle batteries were traded briskly after premiums shrank to zero.

The imminent week-long National Day holiday encouraged outflows to the domestic markets.

SMM data showed that the bonded stocks dropped 15.5%, or 4,650 mt, from a week ago to stand at 25,400 mt as of Friday September 27.

Nickel briquettes accounted for 6,300 mt, down 19%, or 1,500 mt from the prior week.