Chinese nickel premiums dipped in the week to Tuesday July 2 while the closed import arbitrage window and sufficient supply of material in the region dampened physical appetite for the metal and European and United States' premiums continued to trade flat on holiday season illiquidity.
Arbitrage loss in China sends both nickel premiums down European premiums trade flat amid summer season illiquidity despite recent LME price riceUnited States' premiums hold despite reported supply surplus and holiday illiquidity caps riseClosed import window drags down China premiumsNickel premiums in China for Nornickel plates continued on their downward trajectory in the week to Tuesday July 2.The drop in premiums has been attributed to a closed import arbitrage window and sufficient stock availability in the region from earlier imports when the import arbitrage window was open.The import arbitrage window opened between the London Metal Exchange and China's Wuxi Stainless steel Exchange to a profit of 1,500 yuan ($218) per tonne on Tuesday June 18, precipitating a 69% rise in Fastmarkets' assessment of the premium for nickel, 99.8% purity, full plate, in-warehouse Shanghai, to $360-420 per tonne on the same date.Fastmarkets' premium assessment for 99.8% purity, full-plate...