SHANGHAI, Feb 21 (SMM) – Inventories of refined nickel in the Shanghai bonded areas remained unchanged from a week ago amid continued muted trades this week. There are currently no new arrivals from ports. 

SMM data showed that inventories of pure nickel in the Shanghai bonded areas were flat on the week at 19,000 mt as of February 21. Stocks of briquettes accounted for 2,700 mt and nickel cathode took up 16,400 mt. 

The import arbitrage window remained closed this week, with the average import loss widening to 1,500 yuan/mt, as high holding costs drove traders to lift premiums of seaborne cargo warehouse warrant to $200/mt. 

The discounts between LME nickel cash and three-month contract continued to expand, to an average $89/mt this week, indicating sufficient nearby supplies. The average SHFE/LME nickel price ratio edged higher to 8.1 this week.