Cash Price of Primary Indian Nickel Up After Two-Day Decline

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Metal Prices, Premium

The Indian nickel cash price rose 0.8 percent on Friday, May 17, making it the day’s biggest mover. After two days of falling prices, it closed at INR 815.20 ($14.88) per kilogram. The spot price of nickel weakened by 0.4 percent on the LME, settling at $14,765 per metric ton. The nickel 3-month price flattened at $14,895 following two-days of declines on the LME.

Chinese stainless steel prices were mixed for the day. The price of Chinese ferro-chrome saw little movement at CNY 8,300 ($1,349) per metric ton. For the fifth day in a row, the price of Chinese ferro-moly remained essentially flat at CNY 145,000 ($23,570) per metric ton.

The price of Chinese primary nickel rose 0.2 percent to CNY 105,300 ($17,117) per metric ton after a two-day drop. The price of Chinese 316 stainless coil was unchanged at CNY 26,000 ($4,226) per metric ton. The price of Chinese 304 stainless coil continues hovering around CNY 16,400 ($2,666) 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 ($2,617) per metric ton. The price of Chinese 304 stainless steel scrap held steady at CNY 16,400 ($2,666) per metric ton.