SHANGHAI, Jul 5 (SMM) – The price spread between Norilsk and Jinchuan nickel widened in the Shanghai spot market on Thursday July 5 as a temporarily open import arbitrage window rendered some inflows of the former, SMM believes.
Norilsk nickel traded at a premium of about 100 yuan/mt over the Wuxi Stainless Steel Exchange 1807 contract while Jinchuan was trading at a premium of about 400 yuan/mt. This compared with a 200 yuan/mt spread earlier this week.
Most transactions were heard at 111,850-112,350 yuan/mt on Thursday, lower than the 113,900-114,200 yuan/mt in the previous day. Jinchuan cut its offer of nickel plate by 1,500 yuan/mt to 112,800 yuan/mt.
Despite the decline in spot nickel prices, buyers stayed on the sidelines with bearish outlook.