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

SHANGHAI, Sep 30 (SMM) – Inventories of refined nickel in the Shanghai bonded areas expanded slightly by 1,000 mt from last Friday to 22,800 mt as of September 30, showed SMM data. Inventories increased for the second consecutive week.

Domestic downstream stockpiling before the National Day holidays and improved trade led to a sharp decline in refined nickel social inventories. At the same time, the import price ratio has been slightly adjusted. Some holders have shipped cargoes to bonded warehouses, waiting for import opportunities. This accounted for the continuous increase in the nickel bonded stocks this week.