South Korea's state-run Public Procurement Service (PPS) has bought 100 tonnes of nickel cathode from Stratton Metals Ltd of Gibraltar via a tender closed last Friday, a PPS official said on Monday.
The PPS bought 50 tonnes of nickel to be shipped to the port of Pusan and another 50 tonnes to be shipped to Inchon. All of the metal was bought at $370 per tonne CIF over London Metal Exchange cash settlement prices, he said.
The PPS will choose one day's LME official cash settlement price from among those settled over the next one month, he added.
The LME nickel official cash settlement price was $11,980/$11,985 per tonne on Friday.
Shipments are expected to be sent to PPS warehouses at the two ports within two months of the supplier receiving a letter of credit from PPS.