Nickel Spot Price Turns Around After Two-Day Fall

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Metal Prices, Premium

On April 9, 2013, the day’s biggest mover was the nickel spot price, which saw a 1.3 percent increase on the LME to $16,130 per metric ton. This increase comes after the price fell for the two previous days. Following a two-day drop, the nickel 3-month price increased by 1.1 percent on the LME to $16,180 per metric ton. The Indian nickel cash price weakened by 0.9 percent, settling at INR 875.10 ($16.03) per kilogram.

Chinese stainless steel prices were mixed for the day. The price of Chinese ferro-chrome saw essentially no change for the fifth day in a row, remaining around CNY 8,300 ($1,337) per metric ton. For the fifth day in a row, the price of Chinese ferro-moly remained essentially flat at CNY 145,000 ($23,365) per metric ton.

The price of Chinese primary nickel rose 0.2 percent to CNY 114,700 ($18,482) per metric ton. The price of Chinese 316 stainless coil remained essentially flat at CNY 26,700 ($4,302) per metric ton. Chinese 304 stainless coil held its value yesterday at CNY 17,400 ($2,804) per metric ton. The price of Chinese 316 stainless steel scrap continues hovering around CNY 16,100 ($2,594) per metric ton for the fifth day in a row. The price of Chinese 304 stainless steel scrap showed little movement yesterday at CNY 17,400 ($2,804) per metric ton.