The Social Inventory of Pure Nickel Increased Last Week amid the Poor Transactions

Published: Aug 8, 2022 13:09

Source: SMM

Save

Pure nickel inventory in six regions totalled 7,516 mt last week, up 2,160 mt than a week ago. The inventory of nickel briquette declined 500 mt to 1,150 mt, and that of nickel plate added 2,260 mt to 6,366 mt.

SHANGHAI, Aug 8 (SMM) - Pure nickel inventory in six regions totalled 7,516 mt last week, up 2,160 mt than a week ago. The inventory of nickel briquette declined 500 mt to 1,150 mt, and that of nickel plate added 2,260 mt to 6,366 mt. The reasons for the increase in nickel plate inventory were that the current spot prices of pure nickel were high, and the transactions were poor amid the downstream wait-and-see sentiment. With regard to nickel briquette, the salt factories still had rigid demand for nickel briquette as they signed long-term orders with the terminal enterprise. Moreover, the peak season of the new energy industry further contributed to falling briquette inventory.

Market

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or for more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

10 hours ago

SMM Nickel Flash: NPI Market Weakens, Sentiment and Trading Sluggish in June

[SMM Nickel Flash] June 24 - The SMM high-grade NPI market sentiment factor was 2.23, down 0.04 MoM. The upstream sentiment factor for high-grade NPI was 2.59, down 0.08 MoM, and the downstream sentiment factor was 1.86, down 0.02 MoM. The NPI market weakened overall today, with extremely sluggish trading. The supply-demand price spread continued to widen. The substitution effect of steel scrap, combined with expectations of steel mill maintenance, doubly weighed on NPI demand.

10 hours ago

11 hours ago

[SMM Analysis] May Hydrometallurgy Intermediate Products Import and Export

11 hours ago

13 hours ago

[SMM Flash News] Indonesia Reportedly Considering Easing Nickel Mining Quotas in H2; Unconfirmed by ESDM

Market rumors suggest that Indonesia may relax the restrictions on the annual nickel ore mining quota (RKAB) in the second half of this year. This move may alleviate the tight raw material supply situation of local smelting enterprises, but it may also put downward pressure on international nickel prices. According to an unnamed informed source, the government may adjust a significant amount of the total annual nickel ore mining quota in the middle of the year, and some nickel ore enterprises plan to submit applications for quota increases early next month. However, the news is currently highly uncertain. As of now, there have been no clear reports from local Indonesian media, and the Ministry of Energy and Mineral Resources (ESDM) of Indonesia has not issued any official news or statements to confirm the claim regarding a substantial quota revision. The plan to relax the quota still has significant uncertainties, and SMM will continue to closely monitor the actual progress and official developments of this event.

13 hours ago