On Tuesday, May 28, the Indian nickel cash price fell by 0.4 percent, landing at INR 826.50 ($14.87) per kilogram and making it the day’s biggest mover. The spot price of nickel held steady on Tuesday on the LME, remaining around $14,750 per metric ton. The nickel 3-month price steadied at $14,835 per metric ton following two-days of dropping prices on the LME.
Chinese stainless steel prices were mixed for the day. The price of Chinese ferro-chrome held steady at CNY 8,300 ($1,355) per metric ton. For the fifth day in a row, the price of Chinese ferro-moly remained essentially flat at CNY 145,000 ($23,679) per metric ton.
The price of Chinese primary nickel fell 0.3 percent to CNY 104,700 ($17,098) per metric ton. The price of Chinese 316 stainless coil saw little movement at CNY 26,000 ($4,246) per metric ton. For the fifth consecutive day, the price of Chinese 304 stainless coil held flat at CNY 16,400 ($2,678) per metric ton. The price of Chinese 316 stainless steel scrap saw essentially no change for the fifth day in a row, remaining around CNY 16,100 ($2,629) per metric ton. The price of Chinese 304 stainless steel scrap was unchanged at CNY 16,400 ($2,678) per metric ton.