Spot market premiums for refined nickel were steady in Europe on the week to Tuesday, with much of the region celebrating a public holiday on November 1. Annual contract negotiations remains the priority for many in the market.
Fastmarkets assessed the nickel briquette, in-whs Rotterdam premium at $650-950 per tonne on Tuesday, unchanged from a week earlier.
Demand was reportedly poor, with participants continuing to report concerns over poor stainless steel demand in the region putting pressure on premiums.
Briquette premiums remained under pressure, with participants pointing to ample global supply in comparison to other refined products such as cathode.
At present, of the 17,244 tonnes of on-warrant nickel in LME warehouses in Rotterdam, briquette accounts for more than 92%.
Meanwhile, Fastmarkets assessed the 4x4 cathode premium, in-whs Rotterdam at $900-1,300 per tonne on Tuesday, unchanged for a third week with participants seeing prevailing levels as reflective of the market.
Similarly, premiums for uncut cathode in the region were also flat due to illiquidity.
Fastmarkets assessed the nickel uncut cathode premium, in-whs Rotterdam at $400-800 per tonne on Tuesday, also unchanged for a third week.
Premium ranges for nickel metal remain wide in the region as a result of different valuations for certain brands of material, with some said to fall on the lower end of the range, and others achieving higher numbers. fastmarkets
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