SHANGHAI, Sep 27 (SMM) – Premiums of Jinchuan nickel offered in the Shanghai market remained high on Thursday September 27 as the producer has yet to recover normal output after the maintenance works ended, SMM research found.
Over the Wuxi Stainless Steel Exchange contract for October delivery, premiums of Jinchuan materials were heard at 6,500 yuan/mt and premiums of Norilsk materials were heard at 100 yuan/mt in the Shanghai market. The Jinchuan company offered its cargoes at 111,500 yuan/mt, down 800 yuan/mt from the previous day.
Such high premiums of Jinchuan materials also deterred alloy plating plants from purchasing.
The market was still well supplied with Norilsk materials in an open import arbitrage window.
While prices fell, downstream consumers and traders made just small amounts of purchases as they had stockpiled sufficient materials before. Tight cash flows ahead of the end of the third quarter also accounted for the thin trades.
Most transactions were heard at 104,350-111,050 yuan/mt.