Nickel inventories in Shanghai bonded zone remained unchanged last week, imports kept falling

Published: Nov 6, 2023 11:22

Source: SMM

Save

SMM data shows pure nickel stocks in Shanghai bonded zone remained unchanged from two weeks ago, standing at 5,100 mt as of November 3, including 1,920 mt of nickel briquette and 3,180 mt of nickel plate. The main reason is the weak trading in the current spot market, resulting in lower buying interest of downstream. Domestic electrowinning nickel supplies are sufficient to meet the current domestic demand, leading to a continuous decrease in import volumes.

Inventory

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 to learn 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

1 hour ago

【SMM Flash News】Indonesia's Nickel Ore HPM Forecasted to Increase 1.32% in Mid March

SMM predicts the Indonesian domestic nickel ore benchmark price (HPM) will increase by 1.32% for the second half of March 2026. This gain follows an expected rise in the HMA to USD 17,329/dmt (down USD 225.56/dmt). Under the MC35% calculation, the forecasted HPM levels across key grades are: • Ni 1.2%: USD 17.57/wmt (↑ $0.23) • Ni 1.6%: USD 30.64/wmt (↑ $0.4) • Ni 1.7%: USD 34.47/wmt (↑ $0.45) • Ni 1.8%: USD 38.52/wmt (↑ $0.5) • Ni 2.0%: USD 47.31/wmt (↑ $0.62) The market is closely monitoring the pending RKAB approvals, though clarity for next month’s RKAB approval is still lacking. Given the upcoming Eid Al-Fitr break, a slowdown in the administrative process is highly likely. If these delays persist through the end of the month, there is a possibility for an upward in the ore price.

1 hour ago

[NPI Daily Review] The High-Grade NPI Market Came Under Brief Pressure; the Cost-Support Rationale Remained Unchanged

[SMM Daily Review: The High-Grade NPI Market Was Briefly Under Pressure, While the Cost-Support Logic Remained Unchanged] News on March 10: SMM’s upstream sentiment factor for high-grade NPI was 2.9, up 0.02 MoM, while the downstream sentiment factor for high-grade NPI was 1.4, up 0.03 MoM.

1 hour ago

[SMM Nickel Sulphate Daily Review] March 10: Raw Material Uncertainty Continued, Nickel Salt Prices Rose Slightly

On March 9, the average SMM battery-grade nickel sulphate price was flat WoW from last Friday.

1 hour ago