Despite the definitely weaker demand for physical nickel units over the past month, mainly driven by the slowdown in stainless melted production, availability remains tight with rising premiums. The lack of metal in North America due to the Inco strike leaves that the tightest regional market of all. As Inco Manitoba remains up and running, there has been no change in the mid-west plating grade nickel premium. On the other hand, mid-west melting grade 4X4's have moved up to trade for an average premium of 30 cents/b for truckload quantities, delivered works. Premiums as high as 85 cents/lb continue to be reported, but these are the exception rather than the rule. On the other hand, with the usual increase in a premium for higher quality material and small lots, 60cents/lb deals are not that unusual. Those traders holding some low quality material are also finding it easy to shift units for good premiums. Given the tight availability, traders are finding it difficult to source cut material and are have resorted to buying full plate and having it cut on their behalf. In Japan, premiums have remained at their elevated levels over the past month, with GSP 4X4's selling for 15 cents/lb, duty-unpaid, cif major Japanese port, and non-GSP available for 7 cents/lb.
展开▼
