SHANGHAI, Mar 29 (SMM) – Inventories of refined nickel in the Shanghai bonded areas barely changed from a week ago and stood at 28,600 mt as of Friday March 29, SMM data showed.
The import arbitrage window remained closed despite lower value-added tax rates. This lowered the appeal of imported materials.
Traded cargoes this week are unlikely to enter the domestic market before the VAT cuts take effect next Monday. This also deterred traders or downstream consumers from purchasing cargoes from bonded areas.
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