Refined nickel inventory in bonded zone declined slightly

According to the latest SMM survey, the nickel inventory in bonded zone was 4,760 mt last week. Influenced by sanctions on Russian nickel by the UK and the US, LME nickel prices far outperformed SHFE nickel prices, so export profits expanded again. Some domestic nickel plates may be transported to the bonded zone for future export. It is expected that refined nickel inventory in bonded zone will continue to fall this week.

Social inventories fell slightly last week

Last week, refined nickel inventory in SMM six major regions was 32,834 mt, down 556 mt WoW. SMM research showed affected by rising nickel prices last week, transactions in the spot market were thin. However, social inventory fell due to the increase in domestic nickel plate exports as the price gap between domestic and overseas markets continued to widen.

Please do not hesitate to contact Jean at jeantang@smm.cn or 86-19946295759 if you have any question or inquiry.