European premiums steady in subdued spot trade
- Nickel premiums static in European market
- US sellers hold to existing offers despite higher freight costs
- China sees little trading on lack of arbitrage opportunities.
European nickel premiums remained stable in the week to Tuesday despite the continuing restrictions on trade activity resulting from Covid-19 in the region, damping an already-subdued spot market.
Nonetheless, market participants deemed trade possible within the existing ranges for nickel cathodes and briquettes in Rotterdam, which had fallen sharply in the fourth quarter of 2019 on weak demand.
Fastmarkets assessed the nickel briquette premium, in-whs Rotterdam, at $20-60 per tonne on April 7, steady since February 4 but down by 81% at the midpoint of the range from $190-240 per tonne on September 24 last year, when Rotterdam nickel premiums fell across the board on extremely weak...