Cash Price of Primary Indian Nickel Declines 3.1%

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Metal Prices, Premium

The day’s biggest mover was the cash price of primary Indian nickel which dropped by 3.1 percent on Monday, June 24 to close at INR 814.60 ($13.74) per kilogram. The nickel spot price rose 0.3 percent on Monday on the LME, just off the 30-day low of $13,775 per metric ton it hit on Thursday, June 20. At $13,830, the 3-month price of nickel finished the market day on the LME up 0.1 percent per metric ton.

Chinese stainless steel closed mixed yesterday. The price of Chinese ferro-chrome remained essentially flat at CNY 8,300 ($1,352) per metric ton. For the fifth day in a row, the price of Chinese ferro-moly remained essentially flat at CNY 145,000 ($23,617) per metric ton.

After hitting a 30-day low of CNY 97,900 ($15,946) per metric ton on Thursday, June 20, the price of Chinese primary nickel rose 1.3 percent on Monday. For the fifth consecutive day, the price of Chinese 316 stainless coil held flat at CNY 26,000 ($4,235) per metric ton. The price of Chinese 304 stainless coil saw essentially no change for the fifth day in a row, remaining around CNY 16,400 ($2,671) per metric ton. The price of Chinese 316 stainless steel scrap continues hovering around CNY 16,100 ($2,622) per metric ton for the fifth day in a row. The price of Chinese 304 stainless steel scrap remained essentially flat at CNY 16,400 ($2,671) per metric ton.