China nickel inventories dipped 0.73% in the week ended April 24

SHANGHAI, Apr 26 (SMM) – Nickel inventories in China dipped last week, propelled by a decline in on-warrant inventories in SHFE-approved warehouses.

SMM data showed that inventories of refined nickel in China decreased 403 mt, or 0.73% in the week ended April 24 to 55,000 mt, as SHFE inventories fell 505 mt, or 1.81%.

Inventories in east China, excluding those in SHFE warehouses and bonded warehouses, increased 102 mt for the week, due to the arrival of imported nickel briquettes.

Shanghai bonded nickel inventories were unchanged at 17,900 mt last week, as the import arbitrage window remained closed.

There were close to 1,000 mt of nickel cathode and briquette arriving at Chinese ports recently, and these arrivals have gone through the process of customs clearance and are expected to enter social warehouses and CMST’s delivery warehouses in east China.