Dropping 1.4 percent on the LME, the nickel spot price was the biggest mover on Tuesday, July 16, closing at $13,375 per metric ton. The nickel 3-month price weakened by 1.3 percent on the LME, settling at $13,450 per metric ton.
Following two days of downward movement, the cash price of primary Indian nickel held steady.
Chinese stainless steel prices were mixed for the day. The price of Chinese ferro-chrome saw little movement. The price of Chinese ferro-moly saw essentially no change for the fifth day in a row.
The price of Chinese primary nickel saw a 1.2 percent decline. The price of Chinese 316 stainless coil continues hovering in the same spot for the fifth day in a row. The price of Chinese 304 stainless coil was unchanged. For the fifth day in a row, the price of Chinese 316 stainless steel scrap remained essentially flat. The price of Chinese 304 stainless steel scrap saw essentially no change also.