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Where is all this metal coming from?

There is a steep 15 percent tax on exports of refined nickel, which strongly suggests this metal has been stored in bonded warehouses within China. It wouldn’t have paid any import duties or value-added tax and can therefore be re-exported without paying the export tax.

It’s possible that some of this metal has been flushed out of China’s bonded zones by the tightening of credit supply in the wake of the Qingdao port scandal.

Read more at: http://www.dailymail.co.uk/wires/reuters/article-2766504/China-throws-cold-water-nickel-bulls-Andy-Home.html