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US nickel premiums were flat again in the week to Tuesday. Volumes remained low as follow up discussions from last week’s LME Week, a conference in Scottsdale, Arizona, and 2023 requests for quotes (RFQs) continued to keep participants busy.
Fastmarkets assessed the nickel briquette premium, delivered Midwest, US at 120-180 cents per lb on Tuesday, unchanged since September 27.
Fastmarkets assessed the nickel 4x4 cut cathode premium, delivered Midwest, US at 120-180 cents per lb on Tuesday, also unchanged since September 27.
Fastmarkets sources continued to insist that prices were in parity, as rare as the phenomenon is.
Confirmed sales fell during the week and most sources reporting unchanged price opinions. Several sources said that they recently saw trades being executed within the assessment range.
One 20-tonne briquette sale was confirmed at 125 cents per lb.
Fastmarkets sources continue to report that most of the market is taking a “wait and see” approach with “everyone awaiting feedback from 2023 RFQs.”
One trader: “All is really quiet, there has been a lot of travel and meetings for everyone lately with little business to be had, but supply issues remain.”
Supply indeed remained tight in the past week, with several sources lamenting about how difficult it was to secure material. fastmarkets
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