European premiums remain steady
- All European premiums are stable at current high levels due to a tight market
- Shanghai nickel premiums are flat amid fewer offers and inquiries
- Holiday slowdown sets in across US while premiums unchanged
In Europe, the uncut cathode premium in-warehouse Rotterdam was stable this week at its six-year high of $200-250 per tonne.
The market remains tight, with little tonnage available ahead of the winter holidays and strong demand from those that require material for the first quarter of 2018.
"I was trying to source small material [volumes] and you get ridiculous numbers," one European trader said.
Some offers were heard above the range up to $300 per tonne, but no concluded business was achieved at those levels.
“People are still offering much higher, there is very little full-plate...