Small Drift for Cash Price of Primary Indian Nickel

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Metal Prices, Premium

The day’s biggest mover was the Indian nickel cash price which dropped by 1.5 percent on Wednesday, May 15 to close at INR 812.30 ($14.82) per kilogram. The nickel 3-month price saw a 0.9 percent decline on the LME to $15,180 per metric ton. On the LME, the spot price of nickel fell 0.9 percent to $15,100 per metric ton.

Chinese stainless steel prices were mixed for the day. The price of Chinese ferro-chrome continues hovering around CNY 8,300 ($1,351) per metric ton for the fifth day in a row. For the fifth day in a row, the price of Chinese ferro-moly remained essentially flat at CNY 145,000 ($23,607) per metric ton.

The price of Chinese primary nickel saw a 1.3 percent decline to CNY 106,800 ($17,388) per metric ton. The price of Chinese 316 stainless coil was unchanged at CNY 26,000 ($4,233) per metric ton. The price of Chinese 304 stainless coil saw essentially no change for the fifth day in a row, remaining around CNY 16,400 ($2,670) 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 ($2,621) per metric ton. For the fifth consecutive day, the price of Chinese 304 stainless steel scrap held flat at CNY 16,400 ($2,670) per metric ton.