Cash Price of Primary Indian Nickel Declines 1.9%

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Metal Prices, Premium

The Indian nickel cash price fell 1.9 percent on Thursday, May 23 to INR 826.00 ($14.84) per kilogram, making it the day’s biggest mover. After a 0.9 percent increase, the nickel spot price finished the day on the LME at $15,160 per metric ton. On the LME, the nickel 3-month price increased 0.8 percent to $15,225 per metric ton.

Chinese stainless steel closed mixed on Thursday. The price of Chinese ferro-chrome remained essentially flat at CNY 8,300 ($1,353) per metric ton. The price of Chinese ferro-moly saw essentially no change for the fifth day in a row, remaining around CNY 145,000 ($23,637) per metric ton.

Following two days of rising prices, the price of Chinese primary nickel dropped 0.8 percent to CNY 105,400 ($17,182) per metric ton. For the fifth day in a row, the price of Chinese 316 stainless coil remained essentially flat at CNY 26,000 ($4,238) per metric ton. The price of Chinese 304 stainless coil was unchanged at CNY 16,400 ($2,673) per metric ton. The price of Chinese 316 stainless steel scrap continues hovering around CNY 16,100 ($2,625) per metric ton for the fifth day in a row. For the fifth consecutive day, the price of Chinese 304 stainless steel scrap held flat at CNY 16,400 ($2,673) per metric ton.