Shanghai bonded refined nickel stocks rose 1,000 mt on week

SHANGHAI, Dec 31 (SMM) – Inventories of refined nickel in the Shanghai bonded areas increased 1,000 mt from a week ago and stood at 23,000 mt as of December 31, showed SMM data.
 
The import tariff on unwrought alloy nickel will be reduced to 1% since January 1, 2021. Therefore, some nickel plates were moved into the bonded area after arriving at ports this week, waiting to be imported after the tax reduction. This accounted for the second consecutive week of increase in stocks.
 
In addition, the import window for duty-free nickel briquette opened. There was a small amount of transactions and circulation of nickel briquette in the bonded area on week, while the import window for nickel plate was still at a loss amid tepid trade.