Shanghai-bonded nickel stocks shrink 600 mt on week

SHANGHAI, Mar 22 (SMM) – Inventories of refined nickel in the Shanghai bonded areas decreased by 600 mt, or 2.1%, from a week ago to stand at 28,600 mt as of Friday March 22, SMM data showed.

The lower value-added tax, effective on April 1, had little impact on trades this week as importers were unsure of the window for seaborne cargoes to enter the domestic market ahead of April 1 if they purchased this week. 

The import arbitrage window remained closed and this also prevented cargoes in the bonded warehouses from entering the domestic spot market.