Prices Hit 30-Day Low for Chinese Primary Nickel

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Metal Prices, Premium

The price of Chinese primary nickel saw a 0.8 percent drop on Tuesday, April 23, landing at CNY 106,000 ($17,136) per metric ton and making it the biggest mover of the day. Chinese 304 stainless steel scrap held its value on Tuesday at CNY 16,500 ($2,667) per metric ton. The price of Chinese 316 stainless steel scrap was unchanged at CNY 16,100 ($2,603) per metric ton. The price of Chinese 304 stainless coil held steady at CNY 16,500 ($2,667) per metric ton. Chinese 316 stainless coil saw little change in its price on Tuesday at CNY 26,000 ($4,203) per metric ton.

The price of Chinese ferro-chrome saw essentially no change for the fifth day in a row, remaining around CNY 8,300 ($1,342) per metric ton. The price of Chinese ferro-moly continues hovering around CNY 145,000 ($23,440) per metric ton for the fifth day in a row.

The nickel 3-month price saw a 0.5 percent decline on the LME to $15,225 per metric ton. Yesterdayon Tuesday price drop of 0.4 percent carried the cash price of primary Indian nickel to a 30-day low of INR 819.00 ($15.13) per kilogram. On the LME, the nickel spot price fell 0.3 percent to $15,175 per metric ton.