Shanghai bonded refined nickel stocks fell 1,800 mt on week

SHANGHAI, Mar 12 (SMM) – Inventories of refined nickel in the Shanghai bonded areas decreased 1,800 mt from a week ago and stood at 14,900 mt as of March 5, showed SMM data.

Nickel stocks fell for the second consecutive week. After nickel prices dropped sharply last week, the spot market recovered, while Russian nickel spots were tight, leading to higher premium. The import window continued to open this week, and traders moved nickel plates from the bonded area to domestic market after customs clearance, leading to the sharp decline in stocks. It is reported that arrivals at port in the following weeks will be also directly moved into domestic market. It is expected that stocks in the bonded area will keep the downward trend next week.