Chinese nickel premiums jumped to record highs, creating expectations that global premiums will follow them higher while metal is drawn to China from Europe.
Arbitrage opportunities push up both Chinese nickel premiums European premiums hold up despite some supply being diverted to Asia US premiums steady but briquette business seen as weak Chinese premiums at highest everIn China, the in-warehouse and cif premiums on Nornickel plates both hit all-time highs thanks to the abrupt widening of the import arbitrage.Fastmarkets' premium assessment for 99.8% purity, full-plate nickel, cif Shanghai, was at $350-410 per tonne on Tuesday, up by 65% from $210-240 per tonne last Tuesday and at its highest since the of price was rolled out on April 4, 2016.Fastmarkets assessed the premium for full-plate nickel, 99.8% purity, Shanghai-bonded, in-warehouse, at $360-420 per tonne, up from $220-250 per tonne a week ago - also its highest since its introduction on December 28, 2011.The import arbitrage between the London Metal Exchange and Wuxi Stainless Steel Exchange was at a profit of 1,500 yuan ($217) per...