Nickel Spot Price Up After Two-Day Drop

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Metal Prices, Premium

On Monday, May 20, the day’s biggest mover was the spot price of nickel, which saw a 0.6 percent increase on the LME to $14,850 per metric ton. This increase comes after the price fell for the two previous days. The cash price of primary Indian nickel rose 0.2 percent to INR 817.20 ($14.89) per kilogram. On the LME, the 3-month price of nickel held steady around $14,900 per metric ton.

Chinese stainless steel prices closed flat for the day. The price of Chinese ferro-chrome remained essentially flat at CNY 8,300 ($1,351) per metric ton. For the fifth consecutive day, the price of Chinese ferro-moly held flat at CNY 145,000 ($23,609) per metric ton.

The price of Chinese primary nickel remained essentially flat at CNY 105,200 ($17,129) per metric ton. The price of Chinese 316 stainless coil held steady at CNY 26,000 ($4,233) per metric ton. For the fifth day in a row, the price of Chinese 304 stainless coil remained essentially flat at CNY 16,400 ($2,670) per metric ton. The price of Chinese 316 stainless steel scrap saw little movement at CNY 16,100 ($2,621) per metric ton. The price of Chinese 304 stainless steel scrap was unchanged at CNY 16,400 ($2,670) per metric ton.