Elsewhere, the cif Shanghai premium rose to a renewed 14-month high on fresh arbitrage profit opportunities on the back of a newly-opened import window.
European nickel premiums down on weak demand
- The European briquette premium remained on a three-week downward trajectory on weak demand, excess supply
- Arbitrage profit opportunities in China continue to prompt upsurge in cif Shanghai premium
- US premiums trade flat as US-Sino trade impasse tempers market
European nickel premiums universally slid on Tuesday May 14, with downward pressure emanating from weak physical demand for the metal and manifesting in lower premiums across all grades.
As in previous weeks, the nickel briquette premium was the worst affected, marking the grade’s third consecutive weekly decline. Again, the fall was precipitated by feeble stainless steel demand for the material and a ready supply of off-exchange material destabilizing the briquette market.
"There is a lot of off-grade,...