SHANGHAI, Aug 20 (SMM) - The SHFE/LME nickel price ratio rose this week amid tight spot supply of nickel plates. Lower nickel prices incentivised downstream buyers to restock, and this pushed spot premiums of nickel plate higher.
The opening of the import window drove inflows of nickel plate from bonded zone inventories. Meanwhile, arriving shipments of nickel briquette in the bonded zone stood at over 1,000 mt which are expected to enter the domestic warehouses next week. Spot premiums of nickel briquette are unlikely to improve.
Shipments of nickel plate that were expected to arrive have been delayed due to recent congestion at ports. Import premiums under warrants currently stand at high levels amid tight nickel plate supply. The current mainstream quotes stand at $220-250/mt, with $220-250/mt for Norwegian nickel under warrants. Import premiums for nickel briquette in the bonded zone stand at $230-240/mt.
