Chinese nickel premiums diverged from those in Europe and the United States on Tuesday April 30, hitting a 13-month high on arbitrage-profit opportunities emanating from an open import window.
All US nickel premiums slid on surplus stock, following an almost two-year low in the European nickel briquette premium.Chinese premiums surge to 13-month high on open import window Ample scrap supply forces US nickel premiums down European briquette premium declines on feeble stainless steel demand as cathodes hold steady Chinese premiums hit 13-month high on open import window Shanghai nickel premiums hit a 13-month high in China on Tuesday while trades picked up following the opening of an import window. Fastmarkets' cif Shanghai nickel, 99.8%, full-plate premium, rose to $200-230 per tonne on April 30, from $180-200 per tonne last Tuesday, its highest level since March 12 2018. Fastmarkets' premium for Shanghai-bonded in-warehouse nickel, 99.8% purity, was at $220-250 per tonne on April 30, up from $200-220 per tonne last Tuesday, and also a 13-month high. The arbitrage window for importing nickel into Shanghai from London...