China premiums stable ahead of Chinese National Holidays
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The premiums on nickel cathodes imported into China remained stable in the week to Tuesday September 28, and spot trading turned quiet ahead of the upcoming Chinese National Holidays (October 1-7), sources told Fastmarkets.
An arbitrage window between the London Metal Exchange and the Shanghai Futures exchange opened on Monday September 22, leading to an active spot market. Fastmarkets calculated the nickel import arbitrage at $231.14 per tonne, up from $62.24 per tonne on September 17.
Despite the opening arbitrage, which was calculated at $567.24 per tonne on Wednesday, liquidity on the physical market started to dry up with many market participants beginning to leave the market for the public holidays in China.
Fastmarkets assessed the nickel min 99.8% full plate premium, cif...