Spot nickel trading in Shanghai quiet as VAT cut looms

SHANGHAI, Apr 25 (SMM) – Norilsk nickel in the Shanghai market traded at a premium of 700-900 yuan/mt against the Wuxi Stainless Steel Exchange 1805 contract on Thursday April 26, while Jinchuan traded at a premium of 1,300-1,400 yuan/mt, SMM learned.

Jinchuan offered nickel plate at 104,000 yuan/mt.

With the impending cut in value-added tax on May 1, traders were relatively unkeen to offer while downstream consumers purchased as needed. Trading was thin with most transactions at 103,300-104,000 yuan/mt.

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