Nickel inventories in Shanghai bonded zone decreased last week

SMM data shows pure nickel stocks in Shanghai bonded zone decreased by 900 mt WoW last week, standing at 3,500 mt, including 1,720 mt of nickel briquette and 1,780 mt of nickel plate. The bonded zone destocking was driven by a dual rebound in nickel prices both domestically and internationally. However, due to weak demand in the domestic spot market, some nickel plates were sold overseas.