Long-lasting closed arb weighs on China premiums
- Closed arb window pushes China premiums lower
- US spot market flat amid muted return to market from stainless steel mills
- European market remains subdued amid summer holiday season
The Shanghai nickel premiums moved lower in the week to Tuesday July 28 with the long-lasting closure of the arbitrage window between London and Shanghai pressuring down the market, Fastmarkets learned.
Fastmarkets assessed the nickel, min 99.8%, full plate premium, cif Shanghai
at $100-130 per tonne on Tuesday, down by $10 per tonne or 8% from $110-140 per tonne a week prior.
Fastmarkets’ assessment of the nickel, min 99.8%, full plate premium, in-whs Shanghai
also fell in line with the cif premium to $100-130 per tonne the same day.
There was no import interest amid the sustained arbitrage loss, though offers were lowered significantly, sources told Fastmarkets.
“I heard offers at around $110...