Cash Price of Primary Indian Nickel Shifts Up 3.0%

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Metal Prices, Premium

The Indian nickel cash price saw a 3.0 percent increase on Wednesday, May 8, reaching INR 836.10 ($15.44) per kilogram and making it the biggest mover for the day. On the LME, the 3-month price of nickel increased 0.5 percent to $15,040 per metric ton. At $14,960, the nickel spot price finished the market day on the LME up 0.4 percent per metric ton.

Chinese stainless steel prices closed flat for the day. The price of Chinese ferro-chrome was unchanged at CNY 8,300 ($1,348) per metric ton. For the fifth day in a row, the price of Chinese ferro-moly remained essentially flat at CNY 145,000 ($23,553) per metric ton.

The price of Chinese 316 stainless coil saw essentially no change for the fifth day in a row, remaining around CNY 26,000 ($4,223) per metric ton. The price of Chinese 304 stainless coil held steady at CNY 16,400 ($2,664) per metric ton. For the fifth consecutive day, the price of Chinese 316 stainless steel scrap held flat at CNY 16,100 ($2,615) per metric ton. Chinese 304 stainless steel scrap saw little change in its price yesterday at CNY 16,400 ($2,664) per metric ton. The price of Chinese primary nickel showed little movement on Wednesday, hovering around CNY 106,700 ($17,332) per metric ton.