Nickel premiums in China rose on Tuesday October 30, on an opening import arbitrage. The physical nickel markets in Europe and the United States were relatively quiet.
Premiums rose in China with an open import arbitrage making business more profitable. The nickel markets in Europe were mostly flat despite a weak London Metal Exchange nickel price. US nickel premiums were unchanged, although consumption levels remained healthy.Chinese nickel premiums riseNickel premiums in China were on upward trajectory last week due to the positive import arbitrage. Deals were reported at the new level.Fastmarkets assessed the cif Shanghai full-plate nickel premium at $200-220 per tonne on October 30, widening upward from $200-210 per tonne a week before.The Shanghai-bonded nickel premium also climbed to $200-220 per tonne on Tuesday, again from $200-210 per tonne.Market participants have witnessed a pickup in trades for both imports and domestic cargoes, with both premiums rising.In the domestic China market, Norilsk nickel full-plates were trading at 400-500 yuan ($57-72) per tonne, 200 yuan per tonne higher than a week...