Refined nickel inventories in bonded area declined marginally

According to SMM latest survey, refined nickel inventories in bonded area were 4,660 mt last week. Due to sanctions imposed on Russian nickel by the UK and the US, LME nickel prices far outperformed SHFE nickel prices. Therefore, export profits further expanded. Some domestic nickel plates may be transported to bonded area last week for future export. It is expected that refined nickel inventories in bonded area will continue to fall this week.