European premiums static across the board
- Geopolitical tensions weigh on nickel price and premiums in Europe.
- US briquette premium weakens further against cut-cathodes.
- Full-plate cathodes plateau in China.
Illiquidity following a public holiday in the UK, macro headwinds and bearish appetite kept all European nickel premiums unchanged on Tuesday May 28.
Fastmarkets assessed the premium for uncut cathode, in-warehouse Rotterdam
, at $200-220 per tonne on Tuesday, unchanged week on week.
Fastmarkets’ assessment of the 4x4 premium, in-warehouse Rotterdam
, also traded flat on the same date, at $440-480 per tonne.
And Fastmarkets assessed the premium for nickel briquettes, in-warehouse Rotterdam
, as unchanged week on week at $200-250 per tonne.
“There are some inquiries but premiums are under pressure and the backwardation [in nearby London Metal Exchange nickel spreads] isn’t helping,” a European trader said.
“Maybe by June we see some improvement in the premiums again...