US nickel briquette premium hits record low amid producer sell-off

Nickel briquette premiums in the United States have declined to their lowest level since Fastmarkets began tracking that form two and a half years ago, and are now less than half of their original value.

The latest decline comes mostly because some producers are selling at any price in an attempt to make their third-quarter results look better before the September 30 deadline, multiple market sources said.
This comes amid weak end demand due to the Covid-19 pandemic.
Fastmarkets’ assessment of the nickel briquette premium, delivered Midwest US, was 12-18 cents per lb, or 15 cents per lb at the midpoint, on Tuesday September 8.
The US briquette premium was at its highest when it was first introduced, on March 13, 2018. Fastmarkets then assessed the premium at 28-35 cents per lb, or 31.5 cents at the midpoint, a level maintained until August 14, 2018.

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Orla O'Sullivan

September 14, 2020

03:24 GMT

New York