Pure nickel social inventory will rise further

SHANGHAI, Aug 28 (SMM) –

According to SMM research, pure nickel inventory in six regions across China stood at 6,679 mt in the week ending August 25, up 4 mt from August 18. In detail, the inventory of nickel briquettes was 150 mt, down 160 mt WoW, and that of nickel plates was 6,529 mt, up 163 mt. SHFE nickel prices rose in the week ending August 25. Downstream enterprises were influenced by the increase in raw material costs, leading to a weakening of purchase sentiment. As downstream demand continues to weaken in the week ending September 1, it's expected that social inventories of pure nickel will continue to accumulate.