Nickel 3-Month Price Drifts Downwards

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Metal Prices, Premium

The nickel 3-month price experienced the biggest price decline of the day, dropping 1.8 percent on the LME to close at $14,900 per metric ton on Thursday, May 16. On the LME, the nickel spot price fell 1.8 percent to $14,825 per metric ton. The Indian nickel cash price declined 0.4 percent to INR 808.80 ($14.76) per kilogram.

Chinese stainless steel closed mixed yesterday. The price of Chinese ferro-chrome continues hovering around CNY 8,300 ($1,350) per metric ton for the fifth day in a row. The price of Chinese ferro-moly remained essentially flat at CNY 145,000 ($23,587) per metric ton.

The price of Chinese primary nickel saw a 1.6 percent decline to CNY 105,100 ($17,097) per metric ton. The price of Chinese 316 stainless coil was unchanged at CNY 26,000 ($4,229) 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 ($2,668) 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 ($2,619) per metric ton. For the fifth consecutive day, the price of Chinese 304 stainless steel scrap held flat at CNY 16,400 ($2,668) per metric ton.