China’s nickel premiums up amid good arbitrage
- A sudden opening of the arbitrage window on Monday stirred China’s nickel market
- Talk of higher briquette premiums in the US has yet to translate to deals
- European trade curbed by pandemic lockdowns, auto industry curtailment.
The Chinese import market for full-plate nickel became active in the week to April 13 with the import arbitrage window having opened abruptly on April 12.
“Last week, the market was still relatively quiet, but because the arbitrage window suddenly opened on Monday, with good opportunities, some cargo deals were concluded and traders are watching this carefully now,” a Shanghai-based trader told Fastmarkets on Tuesday.
“Although the premiums turned to a discount again today, market sentiment remains positive, with lots of inquiries and offers in the market,” the same trader added.
The arbitrage loss was around $60 per tonne on Tuesday, which could...