An open import arbitrage in China helped support nickel premiums in the week to Tuesday July 10, while premiums were unchanged in Europe and the United States.
Open import window push premiums in China higher Premiums unchanged in Europe in quieter summer season US demand and premiums stable Chinese premiums up amid open import window Shanghai-bonded Nickel premiums rose at the low end of the range on Tuesday to $160-170 per tonne from $140-170 per tonne in the previous week, according to Metal Bulletin's latest assessment. Multiple deals were heard within the new range. Meanwhile, Metal Bulletin assessed the cif Shanghai full-plate nickel premium at $150-160 per tonne on Tuesday, unchanged week on week. The import loss on refined nickel between the London Metal Exchange and the most-traded Wuxi contract narrowed to around $32 per tonne on Monday compared with $92 per tonne in the corresponding period last week. "The import window opened at times this week, so we're roughly at a breakeven point if we do the trading now," a Shanghai-based trader said. Some market participants estimate...