Cash Price of Primary Indian Nickel Drifts Downwards

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Metal Prices, Premium

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.