Shanghai nickel plate, briquette premiums unchanged; ore outperforms
- China’s nickel ore price rally continues unabated while regional nickel sulfate prices down
- The already-low US premiums narrow up on improved demand
- Lower offers for European units fail to manifest in concluded trade
China’s premiums for nickel plate and briquette were static in the week to Tuesday September 29 amid the ongoing lack of arbitrage opportunity between the London Metal Exchange and Shanghai Futures Exchange and subdued spot demand.
Chinese nickel ore prices continued to rally over the period, however, while nickel sulfate conversely dipped in the week to Friday September 25.
The closed LME-SHFE arbitrage window capped import appetite for nickel plates and market participants broadly expect conditions not to improve in 2020, Fastmarkets learned.
Fastmarkets assessed the nickel, min 99.8%, full plate premium, cif Shanghai
at $90-110 per tonne on Tuesday, unchanged since August 25.