Shanghai bonded refined nickel stocks rose 800 mt on week

SHANGHAI, Aug 28 (SMM) – Inventories of refined nickel in the Shanghai bonded areas expanded 800 mt from a week ago to 20,800 mt with 800 mt of nickel plates as of August 28, showed SMM data. Inventories increased for the third consecutive week.

Although the loss of refined nickel imports narrowed temporarily to around -2000 yuan/mt, it was still difficult to import nickel plates. Cargoes under long-term contracts arrived at ports this week, and half of the nickel briquette cargoes entered domestic warehouses, and the remaining shipments are to be imported instead of flowing to bonded warehouses. This accounted for the slight increase in the nickel bonded stocks this week.