Nornickel secures three Chinese deals for long-term nickel contracts; other buyers hold out

Three trading firms have accepted Nornickel’s 2018 long contract premium offer of at least $300 per tonne for nickel full plates cif China while the majority of customers are still holding off due to falling spot premiums and the increased cost of importing cargo, Metal Bulletin understands.

“The first deal concluded for a long contract in 2018 was for $318 per tonne between Nornickel and China Minmetals Corp for one quarter,” a source familiar with the situation told Metal Bulletin.
“The deal was done before the Chinese government announced on December 15 that it will raise the import tax on melting grade refined nickel to 2% at the beginning of 2018 from 1%,” the source added.
Shenzhen Zhaokang Investment Group was the second company to sign a long contract with Nornickel for Finland-sourced nickel full plates at a premium of $300 per tonne. The Finland-sourced full plates will mainly be sold to electroplating factories, according to sources spoken to by Metal Bulletin.

Shenzhen Zhaokang Investment Group is a major nickel full plates supplier for South China’s electroplating factories, sources...

Published

Ellie Wang

January 17, 2018

11:48 GMT

Shanghai