Shanghai nickel plate premiums gained ahead of an expected lull before the Chinese New Year, while sellers in the United States eyed possible briquette premium increases in the week to Tuesday January 19.
Anticipated arbitrage gains boost Chinese premiums. US briquette business reported across the range, keeping premium steady. Europe sellers see price correction imminent.
China nickel plate premiums edge up
Shanghai nickel plate premiums continued to narrow upward slightly in the week to January 19 and market participants are waiting for arbitrage opportunities to emerge, sources said.
Fastmarkets assessed the
nickel, min 99.8%, full plate premium, cif Shanghai at $100-110 per tonne, narrowing up by $10 per tonne from $90-110 per tonne a week before.
Fastmarkets' assessment of
nickel, min 99.8%, full plate premium, in-whs Shanghai was also at $100-110 per tonne on the same day, compared with $90-110 per tonne a week ago.
Market offers held stable at $130-150 per tonne, but no deals were concluded at these levels, Fastmarkets learned.
"The market is not very active," a Shanghai-based trader said. "Some deals are happening...