Pure nickel social inventory in six regions across China rose slightly

According to SMM research, pure nickel inventory in six regions across China stood at 24,891 mt as of Feb 23, up 785 mt from Feb 16. Nickel briquettes inventories increased by 342 mt. Nickel plates inventories increased by 443 mt. SHFE nickel price experienced a significant increase. According to SMM research, domestic nickel plate prices slightly decreased compared to the pre-holiday but overall remain high. However, due to subsequent price fluctuations, downstream sentiment is cautious, and with a continuous increase in supply, there was a slight accumulation of inventory in the market last week. It is anticipated that social inventory will see a slight increase influenced by nickel prices this week.