Chinese premiums decline with traders not prepared to purchase material at a negative arbitrage, which widened to a loss of 6,000 yuan per tonne on Tuesday
European premiums failed to react to a tightening forward curve and LME inventory inflows
Sluggish US spot market held premiums in the region firm despite some reports of business at lower levels for briquettes
Chinese premiums fall amid closed import window
The Chinese premium for Nornickel plates was in downswing in the week to August 20 amid a closed import window and widened arbitrage loss.
Fastmarkets assessed the nickel, min 99.8%, full plate premium, cif Shanghai at $150-180 per tonne on Tuesday, down from $170-190 per tonne last Tuesday.
Fastmarkets’ assessment of the nickel, min 99.8% full plate premium, in-whs Shanghai was at $160-190 per tonne on Tuesday, down from $180-200 per tonne a week ago and down from $360-420 per tonne on June 18...