Premium gap between Jinchuan and Nornickel nickel plate narrows on closed import window

The premium differential between Jinchuan nickel full plate and Russian Nornickel full plate on the Wuxi Stainless Steel Exchange in China has sharply narrowed due to reduced supply of latter as a result of the closed import window.

The gap between Jinchuan nickel full plate and Russian Nornickel full plate premiums on the Wuxi Stainless Steel Exchange in China has narrowed to 100 yuan ($16) per tonne this week compared with around 300-500 yuan in April, according to traders.   The premium on Nornickel full plate against the nickel contract on the Wuxi Stainless Steel Exchange is roughly about 500 yuan per tonne, according to market participants. Metal Bulletin's assessed nickel cif Shanghai premium stood at $150-160 per tonne on May 22, compared with $140-150 per tonne on May 1. The narrowing spread is the result of reduced Nornickel supply in China, after the import window closed at the beginning of this year when the import tax on...

Published

Violet Li

May 24, 2018

08:30 GMT

Shanghai