SHANGHAI, Mar 27 (SMM) – Inventories of refined nickel in the Shanghai bonded areas fell this week as the import arbitrage window opened earlier in the week.
SMM data showed that inventories of pure nickel in the Shanghai bonded areas declined 500 mt in the week ended March 27 to 19,300 mt, with stocks of briquette shrinking 200 mt to 2,000 mt.
The import arbitrage window was opened in the first half of the week, encouraging some sellers to move their cargoes to the domestic market with exchange rates being locked in.
Trades turned muted later in the week, as sellers raised their offers slightly given high costs for long-term contracts.
Reduced arrivals also contributed to lower bonded nickel stocks this week amid the global widespread of COVID-19 pandemic.
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