30-Day Low Closes for Chinese Primary Nickel

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Metal Prices, Premium

The price of Chinese primary nickel saw a 3.4 percent increase on Thursday, July 11, reaching CNY 98,000 ($15,975) per metric ton and making it the biggest mover for the day. For the fifth consecutive day, the price of Chinese 304 stainless steel scrap held flat at CNY 16,400 ($2,673) per metric ton. The price of Chinese 316 stainless steel scrap remained essentially flat at CNY 16,100 ($2,624) per metric ton. The price of Chinese 304 stainless coil held steady at CNY 16,400 ($2,673) per metric ton. The price of Chinese 316 stainless coil saw little movement at CNY 26,000 ($4,238) 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 ($1,353) per metric ton. The price of Chinese ferro-moly was unchanged at CNY 145,000 ($23,636) per metric ton.

After hitting a 30-day low of $13,550 per metric ton on Tuesday, July 9, the nickel 3-month price rose 2.3 percent yesterday on the LME. The nickel spot price rose 2.3 percent yesterday on the LME, just off the 30-day low of $13,460 per metric ton it hit on Tuesday, July 9. The cash price of primary Indian nickel rose 0.6 percent to INR 814.30 ($13.60) per kilogram.