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The spot nickel premiums in Shanghai moved down this week, as traders cut offers to boost sales.
Offers for standard Norilsk Nickel plate spot premiums are in the range of $90-160 per tonne in Shanghai, compared with $90-170 per tonne a week ago.
Offers from other traders for material in Shanghai bonded warehouse are mostly around $90-120 per tonne, while seaborne material is being offered around $130-160 per tonne cif China.
“We cut our offers by $10 this week as market is quiet but we want to sell,” a trader told Metal Bulletin.
A second trader who held offers this week also said they want to sell cargoes, adding that they have not received any enquiries so far.
Amid difficulties in selling material and low inventory, we haven’t done business this week, a second trader said.
The three-month London Metal Exchange nickel settled at $14,500 per tonne on Wednesday February 19, up from $14,345 from a week ago.
Jinchuan Group, China’s largest nickel producer, raised its benchmark price on Monday and Wednesday by a total of 700 yuan ($115) to 97,400 yuan per tonne.
The spot nickel prices on the Changjiang Nonferrous Metals Exchange fell 200 yuan from Wednesday February 19 to 94,700-95,700 yuan per tonne on Thursday February 20.
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