SHANGHAI, Oct 16 (SMM) – Inventories of refined nickel in the Shanghai bonded areas expanded slightly by 1,000 mt from last Friday October 9 to 23,800 mt as of October 16, showed SMM data.
The import window remained closed, and it is difficult to ship Russian nickel under long-term contracts to China, leading to the continuous increase in stocks from June. The loss of refined nickel imports narrowed again to around -2,500 yuan/mt as nickel prices rebounded this week, the exchange rate was lowered.
The nickel bonded stocks are expected to continue to pile up in the following weeks.
![[SMM Analysis] Influenced by macro sentiment, MHP and high-grade nickel matte prices declined this week.](https://imgqn.smm.cn/usercenter/CWsEw20251217171732.jpeg)