The nickel spot price saw the biggest upwards shift for the day, rising 3.2 percent on the LME to close at $15,435 per metric ton on Thursday, May 9. On the LME, the 3-month price of nickel rose 3.0 percent to $15,490 per metric ton. After a 1.2 percent increase, the Indian nickel cash price finished the day at INR 846.50 ($15.63) per kilogram.
Chinese stainless steel closed mixed yesterday. The price of Chinese ferro-chrome saw essentially no change for the fifth day in a row, remaining around CNY 8,300 ($1,353) per metric ton. For the fifth consecutive day, the price of Chinese ferro-moly held flat at CNY 145,000 ($23,632) per metric ton.
After a 0.6 percent increase, the price of Chinese primary nickel finished the day at CNY 107,300 ($17,488) per metric ton. The price of Chinese 316 stainless coil continues hovering around CNY 26,000 ($4,237) per metric ton for the fifth day in a row. The price of Chinese 304 stainless coil showed little movement on Thursday at CNY 16,400 ($2,673) per metric ton. For the fifth day in a row, the price of Chinese 316 stainless steel scrap remained essentially flat at CNY 16,100 ($2,624) per metric ton. At CNY 16,400 ($2,673) per metric ton, the price of Chinese 304 stainless steel scrap was essentially unchanged.