The world’s largest nickel producer, Norilsk resumed shipments today after Arctic waters receded. The stoppage occurs every year according to a recent article because of flooding. But the stoppage didn’t appear to halt a sliding nickel price which many believe remains in oversupply.
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. The Indian nickel cash price finished the market day up 0.7 percent per kilogram. Prices came on the back of still rising nickel warehouse inventory levels.
Chinese stainless steel prices were mixed for the day. For the fifth consecutive day, the price of Chinese ferro-chrome held flat. The price of Chinese ferro-moly saw little movement as well.
The price of Chinese primary nickel closed Friday with a 0.6 percent decline, halting its two-day run of flat prices. The price of Chinese 316 stainless coil saw essentially no change for the fifth day in a row. The price of Chinese 304 stainless coil was unchanged as well. The price of Chinese 316 stainless steel scrap remained essentially flat while the price of Chinese 304 stainless steel scrap held steady.