GLOBAL NICKEL WRAP: Premiums pressured lower in US, Europe; China steady due to holiday

Nickel premiums fell notably in Europe on weak demand and the London Metal Exchange spread backwardation in the week to Tuesday October 8, while the US nickel cathode premium held steady and the briquette premium fell.

Europe briquettes, full-plate and cut-cathode premiums fell despite stocks drawdowns at LME-listed warehouses Chinese premiums held steady because traders took a national holiday between October 1-7 US briquette premium slid, plates premium held firm US briquette premium dips
The nickel briquette premium declined in the US on reduced spot business, following sharply falling premiums in other regions.

Fastmarkets’ assessment of the nickel briquette premium, delivered Midwest US, was 17-23 cents per lb on Tuesday October 8, down from 19-24 cents per lb on Tuesday October 1.

Fastmarkets’ assessment of the nickel 4x4 cathode premium, delivered Midwest US, remained at 35-43 cents per lb, unchanged week on week, but showing signs of downward pressure domestically and globally.

Sources disagreed on whether declining premiums in other regions have affected the US but a downtrend was evident in business reported. No briquette sales were reported above...


Violet Li

Orla O'Sullivan

Amy Hinton

October 09, 2019

12:37 GMT

Shanghai, London, New York