Arbitrage opportunities push up Chinese nickel premium
- Improved arbitrage in China stimulates sentiment
- Spot supply shortage pushes up US premium
- European market flat, but outlook is bullish
China’s import premium for nickel full-plate cathode rose during the pricing session, with support coming mainly from an improved arbitrage window between London and Shanghai. The increase was small, however, due to buyers resisting the high prices sought by sellers.
Fastmarkets assessed the price of nickel, min 99.8%, full plate premium, cif Shanghai
at $170-190 per tonne on Tuesday July 20, widening upward by $10 per tonne from $170-180 per tonne a week earlier.
Fastmarkets’ assessment of the nickel, min 99.8%, full plate premium, in-whs Shanghai
was at $180-200 per tonne on the same day, up by $10 per tonne from $170-190 per tonne a week prior.
Improved import arbitrage terms continued to improve sentiment, with material offered at higher...