Nickel premiums in China continued to fall in the week ended Tuesday July 9 on import arbitrage losses, while the traditional summer slowdown kept premiums in Europe and the United States unchanged.
Chinese premiums continue adjusting back down after recent peaks.European premiums not swayed by falling three-month nickel price on the London Metal Exchange.US premiums hold, although low end of range in question. Chinese premiums fall again with import window closedNickel premiums in China for Nornickel plates continued on their downward trajectory in the week to Tuesday July 9, still re-adjusting after hitting record highs on June 18 on strength of large arbitrage opportunities between the London and Shanghai exchanges. The decline in premiums was attributed to a closed import-arbitrage window and sufficient stock available in the region from earlier imports when the import window was open.Fastmarkets' assessment of nickel min 99.8% full plate premium, cif Shanghai was $210-240 per tonne on Tuesday July 9, down from $240-280 per tonne one week before, with offers made at that level. It had been $350-410 per tonne on June 18. Fastmarkets...