GLOBAL NICKEL WRAP: China market gathers momentum on import tax cut; US, Europe off to slow start

Nickel premiums were steady across the globe in the week to Tuesday January 5, while China's nickel sulfate market strengthened amid demand support and limited spot supply.

Inquiries in the Shanghai nickel plate market grew with the narrowing import arbitrage loss following China's nickel import tax cut, but premiums have thus far been unchanged due to the closure of the arbitrage window; and markets in the United States and Europe got off to a slow start in 2021 amid an absence of spot demand, leaving premiums flat in both regions.
Inquiries grow after China's nickel import tax cut; nickel sulfate up on good demand US premiums static in slow start to 2021 trade European premiums stale in lackluster trade China's nickel import tax cut narrows arb loss; inquiries grow

The nickel plate import arbitrage loss narrowed sharply after China implemented a new import tax on nickel beginning January 1. The narrower arbitrage loss increased market inquiries. But Shanghai nickel plate premiums were stable in the week to January 5 due...

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