3-Month Price of Nickel Sees Small Price Drop

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Metal Prices, Premium

The 3-month price of nickel experienced the biggest price decline of the day, dropping 1.6 percent on the LME to close at $13,900 per metric ton on Monday, July 29. On the LME, the nickel spot price declined 1.6 percent to $13,825 per metric ton. The cash price of primary Indian nickel fell 0.7 percent to INR 808.70 ($13.69) per kilogram.

Chinese stainless steel prices were mixed for the day. The price of Chinese ferro-chrome saw essentially no change for the fifth day in a row, remaining around CNY 8,300 ($1,354) per metric ton. The price of Chinese ferro-moly remained essentially flat at CNY 145,000 ($23,650) per metric ton.

The price of Chinese primary nickel saw a 1.4 percent decline to CNY 97,850 ($15,960) per metric ton. The price of Chinese 316 stainless coil was unchanged at CNY 26,000 ($4,241) per metric ton. The price of Chinese 304 stainless coil held steady at CNY 16,400 ($2,675) per metric ton. For the fifth consecutive day, the price of Chinese 316 stainless steel scrap held flat at CNY 16,100 ($2,626) per metric ton. For the fifth day in a row, the price of Chinese 304 stainless steel scrap remained essentially flat at CNY 16,400 ($2,675) per metric ton.