Latest Update in the China Nickel Market

This is a roundup of China's metals weekly inventory as of July 23.

SHFE nonferrous metals all went up today, amid the dovish statement by the European Central Bank president, the high US jobless claims, and the high July PMI in Eurozone.

Nickel ore inventories across all Chinese ports increased 325,000 wmt from July 16 to 5.66 million wmt as of July 23, showed SMM data.

Inventories of refined nickel in the Shanghai bonded areas emained unchanged from a week ago and stood at 10,700 mt as of July 23, showed SMM data.

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on July 23, 2021

Shanghai base metals mostly cruised higher on Friday morning amid dovish comments from European Central Bank. Meanwhile, their counterparts on the LME traded mixed.

SHFE nonferrous metals generally increased as the spread of Delta variant of the COVID-19 virus intensified the market concerns.

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on July 22, 2021