Shanghai bonded refined nickel stocks rose 9,000 mt on week

SHANGHAI, Jul 9 (SMM) – Inventories of refined nickel in the Shanghai bonded areas increased 9,000 mt from a week ago and stood at 11,200 mt as of July 9, showed SMM data.

Nearly 1,000 mt of nickel plates from LME warehouse were moved into bonded warehouse this week, but the import window was nearly opened due to the surge of SHFE nickel on Friday. It is expected that this part of the supply will flow into China one after another in the near future. It is understood that most of the goods arriving at port in the later period are LME nickel briquettes, which are likely to enter China through direct customs clearance. Shanghai bonded refined nickel stocks may be difficult to maintain the upward momentum.