Cash Price of Primary Indian Nickel Up Again

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Metal Prices, Premium

The cash price of primary Indian nickel closed as the biggest mover for Monday, May 27. Switching from a downward trend, the metal closed at INR 829.60 ($14.86) per kilogram following a 1.1 percent increase. On the LME, the nickel 3-month price declined 0.1 percent to $14,835 per metric ton. The spot price of nickel saw little price change last Friday on the LME at $14,750 per metric ton.

Chinese stainless steel prices were mixed for the day. The price of Chinese ferro-chrome saw essentially no change for the fifth day in a row, remaining around CNY 8,300 ($1,352) per metric ton. The price of Chinese ferro-moly saw little movement at CNY 145,000 ($23,619) per metric ton.

The price of Chinese primary nickel weakened by 0.4 percent, settling at CNY 105,000 ($17,104) per metric ton. For the fifth day in a row, the price of Chinese 316 stainless coil remained essentially flat at CNY 26,000 ($4,235) per metric ton. The price of Chinese 304 stainless coil remained essentially flat at CNY 16,400 ($2,671) per metric ton. The price of Chinese 316 stainless steel scrap was unchanged at CNY 16,100 ($2,623) per metric ton. The price of Chinese 304 stainless steel scrap held steady at CNY 16,400 ($2,671) per metric ton.