Sluggish spot trade keeps premiums in the United States steady
China premiums flat on closed arbitrage window, lack of appetite
European premiums unchanged despite forward demand optimism
US in holding pattern
Slow spot trade amid the ongoing Covid-19 pandemic left nickel premiums unchanged in the United States, Fastmarkets heard this week.
Although there was talk of some notably cheap supply on offer, one seller said that neither distressed selling on the downside nor production cuts on the upside were moving spot premiums since nobody is buying.
“Hopefully we’ll have rebound on the other side of the coronavirus," the same seller said.
“Is July the new September?” the seller said rhetorically, referring to the seasonal pick-up in business...