GLOBAL NICKEL WRAP: US nickel premium drops on competitive market

Premiums for nickel in the United States fell during the week to Tuesday November 10 amid a competitive spot market and bearish 2021 long-term contract talks, while premiums in Asia and Europe were flat.

Intense spot market competition drags US briquette premium lowerNickel premiums in Shanghai unchanged while closed arb keeps long-term contracts cappedStrong London Metal Exchange nickel price deters demand for physical nickel in EuropeUS briquette bows to pressure
The nickel briquette premium declined in the US over the past week as spot competition intensified and 2021 contract talks signaled a downtrend.
"There's blood in the water," one seller said. Steel mills have indicated that they will be doing little spot buying for the rest of this year and ordering less on contract for next year.
But others market sources suggested it would be brief.
Once producers dispose of surplus nickel at low premiums, especially forms of nickel that compete with briquettes, "the real spot market will re-emerge," a second seller said.

Although that source said he had sold briquettes at 18 cents per lb during the assessment week,...

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