Shanghai bonded refined nickel stocks fell 1,700 mt

SHANGHAI, Mar 5 (SMM) – Inventories of refined nickel in the Shanghai bonded areas decreased 1,700 mt from a week ago and stood at 16,700 mt as of March 5, showed SMM data.

Nickel stocks fell for the first time after the holiday due to the sharp increase in nickel prices. In addition, the import window opened for several times this week, and the domestic and foreign trade markets of refined nickel also became more active. The warehouse list of Russian nickel in the bonded area was quoted at around $120/mt this week, and the non-duty-free nickel briquettes were quoted at $150-200/mt. Both were reported to have certain transactions. At present, some of the traded goods have been exported for customs declaration, and it is expected that more goods will be exported next week. It is expected that nickel bonded stocks will continue to decline in the near term.