On March 19, the nickel inventory at the London Metal Exchange (LME) increased by 228 tons to 77,652 tons. The accumulated increase in March totaled 5,022 tons, growing by 6.9%. Besides, on March 15, the nickel inventory at the Shanghai Futures Exchange reached 20,177 tons, growing by 6.11% compared to the previous week.

The nickel demand from new energy gradually resumed, but from stainless steel was still at a low level. In addition, Indonesia planned to invest around US$2.7 billion in the construction of seven nickel smelters and accelerate the approvals for mining quotas. The market participant indicated that the nickel supply is sufficient. Although the global economy grows, which further drives nickel demand, the concern of oversupply still exists.