SHANGHAI, Nov 12 – The SHFE/LME nickel price ratio did not give the opportunity to import this week. Therefore, the shipments arrivals of pure nickel directly went to the domestic bonded zone, and this is in line with SMM's expectations. The import window remains closed currently, so the inventory in the domestic bonded zone is expected to accumulate next week.

![[SMM Analysis] Influenced by macro sentiment, MHP and high-grade nickel matte prices declined this week.](https://imgqn.smm.cn/usercenter/CWsEw20251217171732.jpeg)

