China’s premiums unchanged
- China’s market return has yet to show in premium levels, with patchy spot trading on occasional arbitrage opportunity having little effect
- A flurry of panic buying ahead of an expected US lockdown left the market there similarly unmoved
- European participants stayed out of the spot market, with production and subsequently spot demand gradually grinding to a halt.
In China, nickel full-plate cathode premiums held steady, with deals reported in the week to March 24 within the existing range.
The import arbitrage between the London Metal Exchange three-month nickel contract and the most-traded contract on the Shanghai Futures Exchange was estimated at a loss of around 200 yuan ($28) per tonne, down from a loss of 300 yuan per tonne on Tuesday last week.
Fastmarkets’ assessment of the nickel, min 99.8%, full plate premium, cif Shanghai, was $130-160 per tonne on March 24, flat from a...