Shanghai bonded refined nickel stocks rose 1,000 mt on week

SHANGHAI, Sep 25 (SMM) – Inventories of refined nickel in the Shanghai bonded areas expanded 1,000 mt from a week ago to 21,800 mt as of September 25, showed SMM data. Inventories increased after remaining flat for one month.

The sharp drop in nickel prices and the domestic downstream stockpiling before the holiday led to active domestic trade. The loss of refined nickel imports narrowed temporarily to around -1,500 yuan/mt. Domestic Russian nickel discounts continued to narrow and the supply of cargoes decreased. Some holders have shipped cargoes under long-term contracts to bonded warehouses and waiting for the improved import losses. This accounted for the increase in the nickel bonded stocks this week.