Chinese nickel premiums stable amid open import window
European premiums stable with focus on long-term contracts
US premiums flat in subdued spot market.
Chinese nickel premium stable
The nickel full-plate premium in China was unchanged for the second week amid an open import window and deals being reported in the previous price range.
Fastmarkets assessed the cif Shanghai full-plate nickel premium at $200-220 per tonne on November 6, flat from the previous week.
The Shanghai-bonded nickel premium was also unchanged on Tuesday at $200-220 per tonne.
The import arbitrage between the London Metals Exchange and Wuxi last week fluctuated between -$58 per tonne and $145 per tonne. This was not sufficient to support full-on buying activity and led instead to flat premiums, according to market participants.
“It wasn’t much of a change last...