Nickel Spot Price Switches Direction

The spot price of nickel fell 2.2 percent on Friday, June 7 to $14,915 per metric ton on the LME, making it the day’s biggest mover. The nickel 3-month price changed direction with a 1.9 percent drop. After two days of improving prices, the metal finished at $15,050 per metric ton on the LME. At INR 853.90 ($15.00), the Indian nickel cash price finished the market day up 0.7 percent per kilogram.

Chinese stainless steel prices were mixed for the day. For the fifth consecutive day, the price of Chinese ferro-chrome held flat at CNY 8,300 ($1,352) per metric ton. The price of Chinese ferro-moly saw little movement at CNY 145,000 ($23,620) per metric ton.

The price of Chinese primary nickel closed Friday at CNY 106,100 ($17,283) per metric ton, halting its two-day flat run with a 0.6 percent decline. The price of Chinese 316 stainless coil saw essentially no change for the fifth day in a row, remaining around CNY 26,000 ($4,235) per metric ton. The price of Chinese 304 stainless coil was unchanged at CNY 16,400 ($2,672) per metric ton. The price of Chinese 316 stainless steel scrap remained essentially flat at CNY 16,100 ($2,623) per metric ton. The price of Chinese 304 stainless steel scrap held steady at CNY 16,400 ($2,672) per metric ton.