Chinese Primary Nickel Prices Hit 30-Day Low

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Metal Prices, Premium

The price of Chinese primary nickel saw the biggest decline of the day, dropping 0.4 percent to close at CNY 99,600 ($16,250) per metric ton on Thursday, June 20. The price of Chinese 304 stainless steel scrap saw little movement at CNY 16,400 ($2,676) per metric ton. The price of Chinese 316 stainless steel scrap was unchanged at CNY 16,100 ($2,627) per metric ton. For the fifth day in a row, the price of Chinese 304 stainless coil remained essentially flat at CNY 16,400 ($2,676) per metric ton. The price of Chinese 316 stainless coil remained essentially flat at CNY 26,000 ($4,242) per metric ton.

The price of Chinese ferro-chrome saw essentially no change for the fifth day in a row, remaining around CNY 8,300 ($1,354) per metric ton. The price of Chinese ferro-moly continues hovering around CNY 145,000 ($23,658) per metric ton for the fifth day in a row.

The nickel 3-month price rose 0.4 percent on the LME to $14,100 per metric ton after a two-day drop. Following two days of rising prices, the cash price of primary Indian nickel dropped 0.3 percent to INR 820.40 ($13.97) per kilogram. After a couple of days of decreasing prices on the LME, the spot price of nickel held steady at $14,005.