Cash Price of Primary Indian Nickel Declines 1.3%

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Metal Prices, Premium

Following two days of increases, the Indian nickel cash price dropped by 1.3 percent to end at INR 835.70 ($15.40) per kilogram on Friday, May 10. The nickel spot price changed direction with a 0.7 percent drop. After two days of improving prices, the metal finished at $15,330 per metric ton on the LME. The 3-month price of nickel closed at $15,415 per metric ton. Following a couple days of improvement, prices fell by 0.5 percent on the LME.

Chinese stainless steel closed mixed last Friday. The price of Chinese ferro-chrome saw little movement at CNY 8,300 ($1,354) per metric ton. For the fifth consecutive day, the price of Chinese ferro-moly held flat at CNY 145,000 ($23,652) per metric ton.

The price of Chinese primary nickel increased 0.3 percent to CNY 107,600 ($17,552) per metric ton. The price of Chinese 316 stainless coil remained essentially flat at CNY 26,000 ($4,241) per metric ton. Chinese 304 stainless coil saw little change in its price last Friday at CNY 16,400 ($2,675) per metric ton. The price of Chinese 316 stainless steel scrap was unchanged at CNY 16,100 ($2,626) per metric ton. Chinese 304 stainless steel scrap stayed flat at around CNY 16,400 ($2,675) per metric ton.