Little change in nickel plate inventory in Shanghai bonded areas

SHANGHAI, Jul 6 (SMM) – Nickel plate inventory at bonded areas in Shanghai held steady at some 60,000 mt over the week ended Friday July 6 as brisk transactions depleted some of the increasing inflows, SMM data showed. The figure had increased for five consecutive weeks..

As domestic inventories shrank, some traders remained keen to reroute international cargoes to bonded areas in anticipation of an open import arbitrage window.

Meanwhile, trades were relatively brisk in the bonded areas this week as the import arbitrage window opened wider, or more often, than usual. Some Norilsk nickel flowed out of the bonded areas into the spot market.

SMM started to track nickel inventories at Shanghai bonded areas from May 25.