Chinese Primary Nickel Hits 30-Day Price Low

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Metal Prices, Premium

The day’s biggest mover was the price of Chinese primary nickel which dropped by 1.1 percent on Wednesday, June 19 to close at CNY 100,000 ($16,313) per metric ton. The price of Chinese 304 stainless steel scrap saw essentially no change for the fifth day in a row, remaining around CNY 16,400 ($2,675) per metric ton. The price of Chinese 316 stainless steel scrap was unchanged at CNY 16,100 ($2,626) per metric ton. The price of Chinese 304 stainless coil remained essentially flat at CNY 16,400 ($2,675) per metric ton. For the fifth consecutive day, the price of Chinese 316 stainless coil held flat at CNY 26,000 ($4,241) per metric ton.

For the fifth day in a row, the price of Chinese ferro-chrome remained essentially flat at CNY 8,300 ($1,354) per metric ton. The price of Chinese ferro-moly saw little movement at CNY 145,000 ($23,654) per metric ton.

The nickel 3-month price saw a 0.9 percent decline on the LME to $14,050 per metric ton. After falling 0.6 percent to $14,000 per metric ton, the nickel spot price reached a 30-day low on the LME. The Indian nickel cash price inched up 0.5 percent to INR 822.90 ($13.98) per kilogram.