The nickel briquette premium in the United States showed a significant decline on Tuesday December 8, largely prompted by aggressive selling, with some market participants seeking to reduce premiums in order to capture business.
Meanwhile, the price in China for nickel pig iron (NPI) continued its decline, while European market participants reported significantly lower prices being achieved in annual long-term contract negotiations (LTCs) for next year.
Repeatedly lower sales see US briquette price tumbleChina's muted import market sees spot market struggleEuropean LTCs concluded some $50 per tonne lowerNew low for US briquette
The nickel briquette premium fell to a new low new in the US, dropping by 17% over the assessment week ended December 8. Repeated sales at less than 9 cents per lb, for several weeks, have made it harder to dismiss such deals as exceptions, as many sources have done.
This week, some sources lowered their views of the prevailing range, given the notably aggressive selling. Others did not, because the current levels were widely considered to be unsustainable.
Nickel briquette trades at 8 cents and 12 cents...