• European premiums steady with focus on bullish long-term contract negotiations
• Chinese premiums flat with continued arbitrage loss
• US premiums flat amid inactivity on the spot market.
Nickel premiums steady in Europe
Persistently tight supplies and a high backwardation on cash/three-month price spreads continued to support the current nickel spot premiums in Europe in the week to November 23.
Spot activity was low across all refined nickel products in Europe this week with markets continuing to focus on the year-end and the securing of long-term contracts. But demand signals within the region remained strong.
“Next year will be lively [for the market],” a trader in the region told Fastmarkets.
“Demand [for nickel] is looking good for the first half of 2022. We have strong order books,” another trader said, noting the strong performance of stainless steel in the post-Covid recovery period heading into...