Refined nickel inventory in bonded zone dropped slightly last week
According to the latest SMM survey, refined nickel inventory in bonded zone was 4,160 mt last week. Affected by riots in overseas nickel raw material production areas, nickel prices rose sharply last week, and LME nickel prices far outperformed SHFE nickel prices. Therefore, export profits further expanded. Some domestic nickel plates may be transported to bonded area last week for future export. It is expected that refined nickel inventories in bonded area will continue to fall this week.
Social inventory of refined nickel saw a slight accumulation last week
Last week, refined nickel stocks in SMM six major regions totaled 35,885 mt, up 977 mt WoW. Specifically, nickel plate stocks increased by 902 mt and nickel briquettes by 74 mt. As nickel prices fluctuated upward last week, downstream maintained sluggish procurement appetites, resulting in poor market transactions.
