SHANGHAI, Mar 26 (SMM) – The price spread between spot nickel briquette and Russian nickel plate stood at just 200 yuan/mt during the week ended March 23, compared with a typical price spread of 600-700 yuan/mt.
This is because traders have held back from selling nickel briquette and offered high given their losses in imports, SMM believed.
The average weekly loss of imported nickel briquette was 2,300 yuan/mt last week, widened from 2,160 yuan/mt the week before, SMM data showed.
Nickel briquette was offered at a discount of 500-600 yuan/mt against the Wuxi Stainless Steel Exchange 1804 contract last week, flat from a week ago as trading was weak. Norilsk nickel saw a discount of 350 yuan/mt.
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