Spot Price of Nickel Shifts Up 0.7%

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Metal Prices, Premium

The spot price of nickel saw a 0.7 percent increase on Wednesday, June 5, reaching $15,135 per metric ton on the LME and making it the biggest mover for the day. On the LME, the 3-month price of nickel gained 0.5 percent to finish at $15,200 per metric ton. The Indian nickel cash price increased 0.4 percent to INR 860.60 ($15.25) per kilogram.

Chinese stainless steel prices were flat for the day. The price of Chinese ferro-chrome was unchanged at CNY 8,300 ($1,354) per metric ton. The price of Chinese ferro-moly continues hovering around CNY 145,000 ($23,655) per metric ton for the fifth day in a row.

For the fifth day in a row, the price of Chinese 316 stainless coil remained essentially flat at CNY 26,000 ($4,242) per metric ton. The price of Chinese 304 stainless coil saw little movement at CNY 16,400 ($2,675) per metric ton. The price of Chinese 316 stainless steel scrap remained essentially flat at CNY 16,100 ($2,626) per metric ton. The price of Chinese 304 stainless steel scrap held steady at CNY 16,400 ($2,675) per metric ton. The price of Chinese primary nickel flattened at CNY 106,800 ($17,423) after two days of improvement.