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Premiums for nickel full plate imported into China remained stable during the week due to unfavorable import conditions despite the existence of higher offers, market sources said.
Fastmarkets assessed the nickel min 99.8% full plate premium, cif Shanghai at $350-450 per tonne on Tuesday, unchanged since September 20.
Fastmarkets assessment of the nickel min 99.8% full plate premium, in-whs Shanghai was $400-450 per tonne on the same day, also unchanged since September 20.
A high backwardation continued to dampen import appetite, leading to thin liquidity, although offers were quoted higher.
Meanwhile, bonded stock is reportedly low. Fastmarkets assessed Shanghai bonded nickel stock at 1,800-8,900 tonnes on October 31, down by 39.5% year on year.
But the low inventories failed to generate buying interest, with only 400 tonnes being drawn down from the sheds over the month.
The cash/three-month spread for LME nickel was most recently at a $86.90-per-tonne backwardation. fastmarkets
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