Small Drift for Cash Price of Primary Indian Nickel

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Metal Prices, Premium

The cash price of primary Indian nickel saw a 1.3 percent drop on Tuesday, May 14, landing at INR 825.00 ($15.04) per kilogram and making it the biggest mover of the day. On the LME, the spot price of nickel fell 0.7 percent to $15,230 per metric ton. On the LME, the 3-month price of nickel declined 0.6 percent to $15,325 per metric ton.

Chinese stainless steel prices were mixed for the day. The price of Chinese ferro-chrome saw little movement at CNY 8,300 ($1,350) per metric ton. The price of Chinese ferro-moly remained essentially flat at CNY 145,000 ($23,592) per metric ton.

The price of Chinese primary nickel rose 0.6 percent to CNY 108,200 ($17,604) per metric ton. The price of Chinese 316 stainless coil held steady at CNY 26,000 ($4,230) per metric ton. The price of Chinese 304 stainless coil remained essentially flat at CNY 16,400 ($2,668) per metric ton. For the fifth consecutive day, the price of Chinese 316 stainless steel scrap held flat at CNY 16,100 ($2,620) per metric ton. At CNY 16,400 ($2,668) per metric ton, the price of Chinese 304 stainless steel scrap was essentially unchanged.