The top end of the premium came off for European briquette after supply outstripped demand
Briquette demand also weaker in US, but market diverges from that of Europe by maintaining stable premium
China’s closed export window kept premiums static across the board.
European briquette premium dips
A lack of demand for European nickel briquette has put downward pressure on the top end of the range now supply has outstripped demand.
Fastmarkets assessed the premium for nickel briquette, in-warehouse Rotterdam, at $240-270 per tonne on Tuesday, down $10 at the top end of the range, from $240-280 the previous week.
Market participants have cited steel mills’ reticence to consume briquette as the reason, with consumers in the sector prioritizing uncut cathodes, which have a lower premium.
“Looking at both premiums, often steels mills will opt for the cheaper one and chop and change in between,” a European trader told Fastmarkets.