Chinese Primary Nickel Finishes 30-Day Low

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Metal Prices, Premium

Weakening prices changed direction when the price of Chinese primary nickel rose 2.2 percent on Monday, May 6 to CNY 106,800 ($17,356) per metric ton. The price of Chinese 304 stainless steel scrap was unchanged at CNY 16,500 ($2,681) per metric ton. The price of Chinese 316 stainless steel scrap continues hovering around CNY 16,100 ($2,616) per metric ton for the fifth day in a row. For the fifth day in a row, the price of Chinese 304 stainless coil remained essentially flat at CNY 16,500 ($2,681) per metric ton. The price of Chinese 316 stainless coil held steady at CNY 26,000 ($4,225) per metric ton.

The price of Chinese ferro-chrome saw little movement at CNY 8,300 ($1,349) per metric ton. The price of Chinese ferro-moly remained essentially flat at CNY 145,000 ($23,564) per metric ton.

The Indian nickel cash price weakened by 1.5 percent, settling at INR 804.30 ($14.94) per kilogram. Following a two-day drop, the spot price of nickel increased by 0.9 percent on the LME to $14,905 per metric ton. The 3-month price of nickel rose 0.8 percent on the LME to $14,965 per metric ton after a two-day drop.