SMM

SMM data shows pure nickel stocks in Shanghai bonded zone decreased by 400 mt WoW last week, standing at 4,500 mt, including 1,720 mt of nickel briquette and 2,780 mt of nickel plate. The main reason for the de-stocking in the bonded zone is the significant drop in SHFE nickel prices, causing the price difference between nickel sulphate and nickel briquette to turn positive. With the demand for nickel briquette showing some recovery and domestic demand still weak, profits from the export of nickel plates have expanded, leading to an increase in exports from the bonded zone. It is expected that the domestic spot market will continue to be sluggish this week, with an increase in pure nickel exports and a continuation of de-stocking in the bonded zone.nickel pricenickel price