Refined nickel inventory accumulated continuously
Social stocks of refined nickel rose 16% MoM in April, while bonded zone inventory increased by 12% MoM. SMM research showed, as nickel prices rose in March and the price gap between SHFE and LME nickel widened, domestic nickel plate producers increased exports, leading to the rising inventory in bonded zone. The rising nickel price caused tepid downstream buying appetite, resulting in accumulation of social inventory. The arrival of overseas nickel plates at the end of March also contributed to increasing social inventory.
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