Refined nickel social inventory continued to decline last week

Last week, SMM refined nickel inventory in six major regions of China was 29,579 mt, a decrease of 225 mt WoW. The nickel market fluctuated rangebound last week, with prices slightly rebounding by Friday. Downstream purchasing sentiment cooled. However, as nickel prices remained low, the trading atmosphere warmed up in the spot market during the week. In addition, with the continuous increase in exports, domestic inventory fell slightly, in line with the fundamentals.