GLOBAL NICKEL WRAP: SHFE short squeeze sends Shanghai premiums to 2-yr high, US faces trucking shortage

Premiums for nickel full plates spiked in Shanghai after an arbitrage for imports opened wide over the week ended Tuesday August 31. Premiums elsewhere were stable although a freight crisis in the United States could prompt a future rise in that market.

China premiums rise to 2-year highSHFE short squeeze said to bolster import arbitrageUS rates stable amid trucking shortage.
China full plate premiums rise to more than two-year high
Shanghai full-plate premiums reached a more-than-two-year high in the week to August 31 amid a continuously open arbitrage window between London Metal Exchange and Shanghai Futures Exchange nickel price contracts, with traders actively looking to source material to import.
Fastmarkets assessed the nickel, min 99.8%, full plate premium, cif Shanghai, at $220-250 per tonne on Tuesday, up by $50-60 per tonne (30.6%) from $170-190 per tonne a week earlier, and now at its highest level since July 2019.

The corresponding assessment of the nickel, min 99.8%, full plate premium, in-whs Shanghai, was $230-250 per tonne on Tuesday, up by $50 per tonne (20.8%) from $180-200 per tonne a week before, and also the highest since July 2019.
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