US premiums steady despite isolated low sales
- Some “desperate” selling in the United States was considered to be isolated.
- European market participants expected a post-summer pick-up, and a boost from nickel briquettes being listed on the Shanghai Futures Exchange.
- China saw little buying, and rising nickel stock levels.
Nickel briquette premiums were steady in the United States in the week to Tuesday July 21, with most market participants considering isolated spot trades below the range as atypical and welcoming the imminent return of steel mills after extended summer shutdowns.
“I still think you are seeing some desperate sellers needing to move inventory,” one seller said, who lost business for material offered at prices near the bottom of Fastmarkets’ assessed range.
But he did not change his view of the prevailing premium range and expected an immediate increase in demand from returning mills.
“This isn’t a grand re-opening, more an intent...