Nickel Spot Price Experiences Large Decrease

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Metal Prices, Premium

With a decline of 3.0 percent on the LME to $15,450 per metric ton on Tuesday, April 16, the nickel spot price recorded the biggest decline of the day. The nickel 3-month price weakened by 2.9 percent on the LME, settling at $15,545 per metric ton. Following a 1.2 percent rise on Tuesday, the cash price of primary Indian nickel closed at INR 854.50 ($15.64) per kilogram.

Chinese stainless steel closed mixed on Tuesday. The price of Chinese ferro-chrome remained essentially flat at CNY 8,300 ($1,341) per metric ton. The price of Chinese ferro-moly was unchanged at CNY 145,000 ($23,434) per metric ton.

Chinese primary nickel saw its price drop 1.5 percent to a thirty-day low of CNY 108,000 ($17,454) per metric ton on Tuesday. For the fifth day in a row, the price of Chinese 316 stainless coil remained essentially flat at CNY 26,700 ($4,315) per metric ton. The price of Chinese 304 stainless coil continues hovering around CNY 17,400 ($2,812) per metric ton for the fifth day in a row. The price of Chinese 316 stainless steel scrap held steady at CNY 16,100 ($2,602) per metric ton. For the fifth consecutive day, the price of Chinese 304 stainless steel scrap held flat at CNY 17,400 ($2,812) per metric ton.