Following two days of increases on the LME, the 3-month price of nickel dropped by 0.7 percent to end at $14,040 per metric ton on Wednesday, July 24. The Indian nickel cash price rose 0.6 percent to INR 839.20 ($14.04) per kilogram. Weakening prices followed two days of improvement as the nickel spot price dropped 0.6 percent on the LME to $13,970 per metric ton.
Chinese stainless steel prices were mixed for the day. For the fifth consecutive day, the price of Chinese ferro-chrome held flat at CNY 8,300 ($1,353) per metric ton. The price of Chinese ferro-moly saw essentially no change for the fifth day in a row, remaining around CNY 145,000 ($23,630) per metric ton.
The price of Chinese primary nickel closed at CNY 99,100 ($16,150) per metric ton. Following a couple days of improvement, the metal’s price weakened by 0.6 percent. For the fifth day in a row, the price of Chinese 316 stainless coil remained essentially flat at CNY 26,000 ($4,237) 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 steel scrap continues hovering around CNY 16,100 ($2,624) per metric ton for the fifth day in a row. The price of Chinese 304 stainless steel scrap saw little movement at CNY 16,400 ($2,673) per metric ton.