GLOBAL NICKEL WRAP: US briquette premiums up 34.8%, Shanghai premiums rise on open arbitrage

United States nickel briquette premiums surged upward by over 34% this week after mine strikes continued to tighten supply, while Chinese premiums rose on the open arbitrage window between London and Shanghai and European premiums remained flat, sources told Fastmarkets.

US briquette premiums gained 34.8% this week after Vale's strike added to the existing material shortageThe open arbitrage window continued to drive Shanghai premiums up, although market sentiment remained bearishEuropean premiums remained steady on strong demand from the vehicle electrification marketJump in US briquette premium, supply lessens
Short spot supply of nickel sent premiums higher in the US. Briquette rose by 34.8% week on week, compared with a 6.3% weekly gain for angular cut cathode; the shortage is most acute for rounded, easily flowing forms such as briquette, sources said.
Fastmarkets assessed the nickel briquette premium, delivered Midwest US at 28-34 cents per lb on Tuesday July 13, up from 20-26 cents per lb on Tuesday July 6.
"There's a general shortage of 'flowable' material, with Vale's strike adding to an existing briquette shortage," one seller said.

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