Muted demand and a closed import window put downward pressure on the Shanghai cif premium for nickel cathode on Tuesday April 2, while the nickel briquette premium in the United States also slid on weak demand.
China's trade mostly domestic, partly to avail of recent tax cuts Cathode cutting delays continue in US market European traders deterred by LME nickel contango Chinese cif premium dips on closed import window In China, the nickel cif Shanghai premium narrowed downward in the import market with cargo holders losing confidence amid a closed import window. Fastmarkets' Shanghai cif nickel premium fell on the top end by $10 to $180-190 per tonne on Tuesday, with deals reported within the new range. Meanwhile, Fastmarkets' premium for Shanghai bonded nickel, 99.8% purity, was stable at $200-210 per tonne. The arbitrage window for importing nickel from London to Shanghai remained closed in the week to Tuesday, with importers facing an arbitrage loss of around 1,500 yuan ($223) for each tonne of nickel brought into the country as of April 2. "Many cargo holders with plates arriving in April offered at $200...