All Eyes on Bernanke as Nickel Spot Prices Reach 30-Day Low

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While industrial demand for stainless steel and nickel remains lackluster, metal price movements have more to do with Fed Chairman Ben Bernanke’s indication of whether the ‘free money’ will continue indefinitely or come to an end.

Some believe the news about that will continue to remain positive.

However, nickel prices remain negative and though prices closed higher than opening values on Friday, nickel producers may need to contemplate shuttering production.

The day’s biggest mover was the spot price of nickel which dropped by 2.5 percent last Thursday to close at $14,025 per metric ton on the LME. On the LME, the 3-month price of nickel declined 2.3 percent to $14,110 per metric ton. After falling for two days, the cash price of primary Indian nickel rose 0.3 percent.

Chinese stainless steel prices closed flat for the day. For the fifth day in a row, the price of Chinese ferro-chrome remained essentially flat. The price of Chinese ferro-moly was unchanged as well.

The price of Chinese 316 stainless coil saw little movement. The price of Chinese 304 stainless coil continues hovering in the mid to upper $2,600+ range  for the fifth day in a row. The price of Chinese 316 stainless steel scrap remained essentially flat. The price of Chinese 304 stainless steel scrap saw essentially no change for the fifth day in a row. The price of Chinese primary nickel held steady last Friday.