I think those are nickel ore that has been imported to China, and they need to process it themselves. LME warehouse is based on nickel concentrate (i.e. nickel ore that has been processed). MBN ship nickel concentrate (i.e. so shipment is a lot cheaper as they have already processed it and removed the iron, etc). I got confused last Friday as well......
If you look at the fins from MBN, it takes millions tons of nickel ore to generate thousands tons of nickel concentrate so that 10M ton nickel ore stockpile doesn't create much nickel. Note, last year consumption of nickel (concentrate) was 2 million tons so we only supply a 20,000 ton small fraction of that.
