Cash Price of Primary Indian Nickel Drifts Downwards

The cash price of primary Indian nickel experienced the biggest price decline of the day, dropping 1.6 percent to close at INR 814.60 ($13.83) per kilogram on Friday, July 26. On the LME, the nickel spot price declined 0.5 percent to $14,045 per metric ton. On the LME, the nickel 3-month price fell 0.3 percent to $14,130 per metric ton.

Chinese stainless steel closed mixed last Friday. The price of Chinese ferro-chrome held steady 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 saw a 0.5 percent decline to CNY 99,200 ($16,166) per metric ton. The price of Chinese 316 stainless coil was unchanged at CNY 26,000 ($4,237) per metric ton. The price of Chinese 304 stainless coil remained essentially flat at CNY 16,400 ($2,673) per metric ton. The price of Chinese 316 stainless steel scrap saw little movement at CNY 16,100 ($2,624) per metric ton. The price of Chinese 304 stainless steel scrap continues hovering around CNY 16,400 ($2,673) per metric ton for the fifth day in a row.

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