Chinese Primary Nickel Prices Hit 30-Day Low

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Metal Prices, Premium

On Monday, July 8, the day’s biggest mover was the price of Chinese primary nickel, which saw a 2.5 percent decline to CNY 94,950 ($15,468) 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 ($2,672) per metric ton. For the fifth day in a row, the price of Chinese 316 stainless steel scrap remained essentially flat at CNY 16,100 ($2,623) 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 ($2,672) per metric ton. For the fifth day in a row, the price of Chinese 316 stainless coil remained essentially flat at CNY 26,000 ($4,235) per metric ton.

The price of Chinese ferro-chrome held steady at CNY 8,300 ($1,352) per metric ton. The price of Chinese ferro-moly remained essentially flat at CNY 145,000 ($23,621) per metric ton.

On the LME, the 3-month price of nickel declined 1.3 percent to $13,600 per metric ton. The spot price of nickel reached a 30-day low on the LME after decreasing 1.2 percent to $13,525 per metric ton. The cash price of primary Indian nickel held steady on Monday, remaining around INR 846.30 ($14.05) per kilogram.