On Wednesday, May 1, the cash price of primary Indian nickel fell by 1.5 percent, landing at INR 811.80 ($15.09) per kilogram and making it the day’s biggest mover. Following two days of rising prices, the nickel 3-month price dropped 0.8 percent on the LME to $15,250 per metric ton. The nickel spot price weakened by 0.6 percent on the LME, settling at $15,195 per metric ton.
Chinese stainless steel prices closed flat for the day. For the fifth day in a row, the price of Chinese ferro-chrome remained essentially flat at CNY 8,300 ($1,346) per metric ton. The price of Chinese ferro-moly saw little movement at CNY 145,000 ($23,511) per metric ton.
The price of Chinese 316 stainless coil was unchanged at CNY 26,000 ($4,216) per metric ton. For the fifth consecutive day, the price of Chinese 304 stainless coil held flat at CNY 16,500 ($2,675) per metric ton. The price of Chinese 316 stainless steel scrap continues hovering around CNY 16,100 ($2,611) per metric ton for the fifth day in a row. The price of Chinese 304 stainless steel scrap held steady at CNY 16,500 ($2,675) per metric ton. The price of Chinese primary nickel held steady around CNY 108,800 ($17,641) per metric ton.