Shanghai bonded refined nickel stocks fell 1,600 mt on week

SHANGHAI, Jan 15(SMM) – Inventories of refined nickel in the Shanghai bonded areas decreased 1,600 mt from a week ago and stood at 21,200 mt as of January 15, showed SMM data. 

SHFE nickel strengthened at the beginning of this week due to the shortage of domestic supply, and import loss recovered in the middle of the week. Although the quotation of Russian nickel in the bonded area rose to $130-150/mt, the domestic Russian nickel spot premium was also at a high level. Therefore, after the opening of the import window, trading in the bonded area recovered and goods gradually flowed into the domestic market. Nickel inventories are expected to continue the downward trend.