Imports of Pure Nickel Turned Profitable this Week, while Inventory in Bonded Zone Declined Slightly

SHANGHAI, May 20 (SMM) - From Monday to Wednesday, LME nickel prices dropped, and SHFE nickel remained rangebound due to the tight supply. Under this background, pure nickel imports turned profitable, even though LME nickel rebounded sharply on Thursday night.  Nickel inventory in Shanghai bonded zone totalled 8,600 mt this week, a decrease of 200 mt from last week. The inventory of nickel briquettes and nickel plates was 2,900 mt and 5,700 mt respectively. Due to the high spot premiums and the weak demand, the bonded zone inventory did not drop sharply when the import window was opened. Therefore, the current import profits could not cover the premiums.

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