Shanghai bonded refined nickel stocks remained unchanged on week

SMM data showed that social inventories of refined zinc ingots across Shanghai, Tianjin, Guangdong, Jiangsu, Zhejiang, Shandong and Hebei decreased 12,100 mt in the week ended June 25 to 116,500 mt. The stocks fell 6,400 mt from Monday June 21.

According to customs data, China imported 10,407 mt of refined nickel (including unwrought unalloyed nickel with the total amount of nickel and cobalt ≥99.99% and cobalt ≤0.005%, and other unwrought unalloyed nickel) in January 2021, a month-on-month decrease of 12.41%, but a year-on-year increase of 31.82%.

Inventories of refined nickel in the Shanghai bonded areas decreased 1,500 mt from a week ago to 11,300 mt as of March 26, showed SMM data.

The Development and Reform Commission of Inner Mongolia Autonomous Region, the Department of Industry and Information Technology, and the Energy Bureau have issued the Several Measures to Ensure Control of Energy Consumption recently. Local lead and zinc concentrate mines and refined zinc smelters have been required to control their energy consumption which cannot exceed the level in the same period last year.

China’s refined nickel output rose 5.33%, or 692 mt, from January and 1.7% from a year earlier, to 13,700 mt in February. The Gansu smelter and Xinjiang smelter produced 12,600 mt and 1,073 mt of refined nickel respectively, while other smelters remained suspended.

Many alloy producers have operated at full capacity since August because of good situation on new orders. New orders are likely to be stable as demand from the infrastructure sector will extend.

Inventories of refined nickel in the Shanghai bonded areas rose 1,000 mt from a week ago and stood at 24,300 mt as of November 6, showed SMM data.

China produced 14,600 mt of refined nickel in July, down 3.05% or 460 mt from June, but up 15.73% from a year earlier.

China’s production of refined nickel continued to fall in May, dipping 2.36%, or 340 mt, from a month ago to 14,100 mt in May, producing a year-over-year gain of 8.99%. Production at smelters in Gansu declined on the month in May but their output remained higher from the same period last year on the backdrop of stable operation. Amid a favourable production environment, output at Xinjiang smelters rose 10% month the month in May.

Stocks rose 1,600 mt from Aug 2 to stand at 146,000 mt as of Aug 5