Pure Nickel Social Inventory Rose Slightly amid High Absolute Prices

SHANGHAI, Feb 28 (SMM) - Nickel briquette and nickel plate imports were in losses last week. Currently, nickel briquette inventory in the bonded zone was unchanged, while nickel plate inventory dropped 1,300 mt as some of the plate completed the customs clearance amid narrowing losses.

In addition, though the premiums of nickel briquette and plate dropped further, the absolute prices have been high as the futures prices recorded significant gains, hence the spot transitions were thin. And the social inventory also rose slightly.

It is expected that the premiums in the bond zone will fall slightly this week. While the whether the import window will open depends on the US financial sanctions on Russia.