Now that the Chinese government has raised the refined nickel import tax to 2%, Chinese nickel market participants are looking to nickel briquettes from Australia and Madagascar due to their lower premiums compared with nickel full plates, Metal Bulletin understands.
Non-duty-free nickel briquette prices from London Metal Exchange warehouses or Shanghai-bonded warehouses were assessed at $130-140 premium per tonne, while the full plates nickel premiums cif China was at $250-280 per tonne as of Tuesday January 16, according to Metal Bulletin's assessment. "Non-duty-free nickel briquettes from LME warehouses [in Asia] and Shanghai-bonded warehouses have entered the Chinese domestic market more so than in previous years," a Shanghai-based nickel trader said. "A Guangxi-based major stainless steel mill recently...