LME Primary Nickel Price Falls 4.3% for the Week

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This past week saw the primary nickel price drop 4.3 percent on the LME, closing as the biggest mover in the stainless steel market at $17,605 per metric ton. The past week saw the 3-month price of nickel close at $17,670 per metric ton after a 4.3 percent decline on the LME.

Prices of Chinese stainless steel and its inputs were mixed for the week. At CNY 8,300 ($1,316) per metric ton, the week finished with no movement for Chinese ferro-chrome. Chinese ferro-moly prices held steady from the previous week at CNY 145,000 ($23,001) per metric ton.

Chinese 316 stainless steel scrap dropped 3.8 percent over the past week to CNY 17,700 ($2,807) per metric ton. Since last week, the price of Chinese primary nickel fell to CNY 130,500 ($20,701) per metric ton, moving 0.8 percent. Chinese 304 stainless steel scrap remained essentially flat from the previous week at CNY 18,600 ($2,950) per metric ton. Chinese 304 stainless coil traded sideways last week, hovering around CNY 18,600 ($2,950) per metric ton. Prices for Chinese 316 stainless coil remained constant, closing the week at CNY 32,000 ($5,076) per metric ton.

Closing at KRW 2.6 million ($2,268) per metric ton, Korean 430 stainless steel coil remained unchanged for the week. Following a steady week, prices for Korean 304 stainless coil closed flat at KRW 4.2 million ($3,705) per metric ton.

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