Rotterdam in-warehouse nickel cathode and briquette premiums both fell dramatically in the week to Tuesday October 1.
Fastmarkets assessed the nickel uncut cathode premium, in-whs Rotterdam at $80-100 per tonne in the week to October 1, down by 56% from $190-220 per tonne the previous week, while the nickel briquette premium, in-whs Rotterdam was assessed at parity on the same date, down by 60% week on week from $190-240 per tonne on September 24.Fastmarkets' assessment of the nickel 4x4 cathode premium, in whs-Rotterdam was $250-300 per tonne on October 1, down a significant 64% from $450-500 per tonne last on September 24.A persistent backwardation in the London Metal Exchange cash/three-month spread - trading at its narrowest in over 12 years at $210 per tonne on October 1 - has made the holding cost of material so high that...