Chinese premiums stable with import window closed
- Chinese premiums flat while import demand is low and supply sufficient
- US briquette premiums steady; recent discounting seemingly halts
- European premiums flat on sustained seasonal illiquidity
Nickel premiums for Nornickel plates in China remained flat in the week to Tuesday amid thin buying interest due to a closed import window and sufficient stock in the region - metals was brought into the country when the import window was last open.
Fastmarkets’ assessment of the nickel, min 99.8%, full plate premium, cif Shanghai
was $180-200 per tonne on Tuesday, unchanged from a week ago.
The premium had been at an all-time high of $350-410 per tonne on June 18 on the basis of significant arbitrage opportunities between the London Metal Exchange and the Wuxi Stainless Steel Exchange in Shanghai, which enabled a profit of 1,500 yuan ($218) per tonne on June 18.