Refined nickel social inventory continued the destocking trend last week

Last week, SMM refined nickel inventory across the six major regions in China was 27,719 mt, down 527 mt WoW. The domestic market fluctuated downward during the week, and nickel prices rebounded by the close of Friday. Downstream restocking was completed at the beginning of the week, and purchase sentiment was high when nickel prices reached around 133,000 yuan/mt on Friday morning. Overall, the transaction atmosphere was relatively warm in the spot market. The slight drop in the domestic inventory last week was in line with the fundamentals.