Brief contango fails to tempt European buyers
- European market sees little spot trade on weak demand.
- US nickel premiums flat, with scrap substitution dampening primary metal demand.
- Asian nickel remains at a discount versus a premium.
Rotterdam nickel premiums held firm in an illiquid spot market on Tuesday with a brief $20 per tonne spread contango failing to stimulate spot appetite which remained resolutely bearish.
Fastmarkets assessed the nickel uncut cathode premium, in-whs Rotterdam
unchanged week on week at $50-80 per tonne while the nickel 4x4 cathode premium, in-whs Rotterdam
was similarly flat at $210-250 per tonne on the same date.
Fastmarkets’ assessment of the nickel briquette premium, in-whs Rotterdam
remained at $20-50 per tonne after Tuesday’s pricing session.
Market participants said the easing of spread, which had previously traded in a deep and persistent backwardation as wide as $240 per tonne on October...