GLOBAL NICKEL WRAP: Covid-19 exerts pressure on global premiums

Global nickel premiums were flat in the week to Tuesday April 21, with the impact of Covid-19 in all regions continuing to weigh heavily on spot demand for nickel and keeping already-low physical premiums at their current levels.

China premiums steadied by lack of arbitrage opportunity. US premiums tempered by lack of liquidity. Europe premiums maintain low levels amid lackluster spot demand. Closed arb and low buying appetite leave China nickel premiums steady
China's nickel full-plate cathode premiums, both on a cif and in-warehouse basis, maintained stable in the week to Tuesday due to a closed import arbitrage window and lack of buying interest.
Fastmarkets assessed the nickel, min 99.8%, full plate premium, cif Shanghai at $120-150 per tonne on Tuesday, unchanged since March 31.
Fastmarkets' assessment of the nickel, min 99.8%, full plate premium, in-whs Shanghai was $120-150 per tonne on Tuesday, also unchanged since March 31.

"The market is pretty quiet, with a lack of buying appetite amid the closed arb [and] no trades...

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