Last week, SMM refined nickel inventory in six major regions totaled 29,895 mt, a decrease of 82 mt WoW. After pre-holiday stocking, the pace of inventory reduction slowed, and the market trading atmosphere weakened again due to rising nickel prices.
![[SMM Analysis] Influenced by macro sentiment, MHP and high-grade nickel matte prices declined this week.](https://imgqn.smm.cn/usercenter/CWsEw20251217171732.jpeg)

