Downturn for US premiums
- US starts holiday season with briquette sell-off
- Shanghai bonded-zone full-cathode premium declines
- Little spot trade in Europe so assessments unchanged
Nickel reversed lower in the US largely because an aggressively low, oversupplied seller of briquettes, Fastmarkets understands. That also had a knock-on effect on the premium on cut-cathode.
The briquette had risen slightly over the previous two weeks of assessments, based on some sales at the high end of Fastmarkets range, although market participants had not generally been bullish.
Fastmarkets assessed the nickel briquette premium, delivered Midwest US
at 18-21 cents per lb on Tuesday November 26, down from 20-24 cents per lb on November 19. The nickel 4x4 cathode premium, delivered Midwest US
fell to 34-42 cents per lb from 35-43 cents per lb.
Most briquettes are now selling at or just below 20 cents per lb, market participants largely agreed, triggered...