Small Drift for Nickel Spot Price

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Metal Prices, Premium

The spot price of nickel saw a 1.0 percent drop on the LME on Friday, May 31, landing at $14,625 per metric ton and making it the biggest mover of the day. After a 0.7 percent increase, the Indian nickel cash price finished the day at INR 826.70 ($14.66) per kilogram. On the LME, the nickel 3-month price fell 0.3 percent to $14,795 per metric ton.

Chinese stainless steel closed mixed last Friday. The price of Chinese ferro-chrome was unchanged 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 ($23,640) per metric ton.

After hitting a 30-day low of CNY 104,800 ($17,086) per metric ton on Wednesday, May 29, the price of Chinese primary nickel rose 0.3 percent last Friday. The price of Chinese 316 stainless coil saw little movement at CNY 26,000 ($4,239) per metric ton. The price of Chinese 304 stainless coil continues hovering around CNY 16,400 ($2,674) 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 ($2,625) per metric ton. For the fifth day in a row, the price of Chinese 304 stainless steel scrap remained essentially flat at CNY 16,400 ($2,674) per metric ton.