Limited arrivals, stable outflows shrink nickel stocks in Shanghai-bonded areas

SHANGHAI, Sep 28 (SMM) – Nickel inventories in the Shanghai bonded areas decreased 2.3% or 1,000 mt over the week ended September 28 to stand at 43,000 mt, SMM data showed.

An open import arbitrage window drove importers to take their Russian cargoes out of bonded warehouses and to put into the domestic spot market.

The arbitrage opportunities also prompted importers to directly pour seaborne arrivals to the market. This limited materials that entered into bonded warehouses.