The traditional summer shutdowns kept global nickel premiums static in the week to Tuesday August 4, while Chinese steelmakers' preference for nickel pig iron and a closed arbitrage further dampened demand in Asia.
Lack of import appetite leaves China premiums static. US premiums unchanged amid lackluster spot trade. European market out for summer, keeping premiums flat. Chinese import arbitrage firmly closed
The import arbitrage window between the London Metal Exchange and Shanghai Futures Exchange continued to be closed this week, hindering import appetite and leaving the Shanghai nickel plate premiums static in the week to Tuesday August 4.
Fastmarkets assessed the
nickel, min 99.8%, full plate premium, cif Shanghai at $100-130 per tonne on Tuesday, unchanged from a week prior.
Fastmarkets' assessment of the
nickel, min 99.8%, full plate premium, in-whs Shanghai was also at $100-130 per tonne, flat on a weekly basis.
"Import interest has disappeared for a period of time amid the big arb loss," a Shanghai-based trader said.
Fastmarkets calculated the nickel import arbitrage at an average loss of $327.08 per tonne in...