SHANGHAI, Aug 6 (SMM) – The price spread between Jinchuan and Norilsk nickel remained wide in the Shanghai spot market on Monday August 6 due to tight supply of Jinchuan materials.
Norilsk nickel traded at a premium of about 100 yuan/mt over the Wuxi Stainless Steel Exchange 1808 contract while Jinchuan was trading at a premium of about 1,400 yuan/mt. This compared with a 300-yuan/mt spread a month ago.
Meanwhile, steel mills stood on the sidelines as they had stockpiled at low prices last week. Transactions across the market were mostly heard at 109,900-111,350 yuan/mt this morning.