Refined nickel inventories in bonded area dropped marginally
According to the latest SMM survey, refined nickel inventories in bonded area were 4,460 mt this 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 this week for future export. It is expected that refined nickel inventories in bonded area will continue to fall next week.
Social stocks of refined nickel inched upward
This week, refined nickel stocks in SMM six major regions were 34,908 mt, up 1,559 mt WoW, with all of the growth attributed to nickel plates. According to SMM research, the downstream maintained sluggish buying appetite amid rising nickel prices.
Please do not hesitate to contact Jean at jeantang@smm.cn or 86-19946295759 if you have any question or inquiry.
