An effective corrosion inhibiting polymer composition including an interceptor for an acid gas combined with known VCI ingredients produces a more effective VCI than the prior art composition. The composition in macrogranular form may be held in a receptacle which is sealed in a container in which ferrous articles are protected. When the composition, greatly diluted is injection- or blow-molded or extruded as film which contains more than 100 ppm of a 2,4-6-tri-substituted phenol and uniformly dispersed small amounts of solid micron-sized particles of interceptor, an alkali metal nitrite and a solid adjuvant to aid in dispersing the solid particles, the film is transparent and has a smooth surface. All solid particles in the material have a primary particle size smaller than 53 .mu.m which makes it possible to obtain the uniform dispersion, transparency and smooth surfaces of an article such as film in which a ferrous metal object is wrapped prior to shipment; or, a capsule which is filled with the VCIs and placed with ferrous metal objects in a sealed container.