SHANGHAI, Aug 29 (SMM) – Premiums of Norilsk nickel in the Shanghai market were heard at zero on Wednesday August 29 as supplies were sufficient, SMM research found.
This compared to a premium of 2,700 yuan/mt for Jinchuan materials over the Wuxi Stainless Steel Exchange September contract. Short supplies of Jinchuan resources pushed up prices. The producer of Jinchuan materials offered at 113,000 yuan/mt today.
About 8,000 mt of Norilsk materials entered the domestic market last week. Most traders held no Jinchuan materials.
Most transactions were heard at 110,000-112,800 yuan/mt today.