Nickel Spot Price Lower

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Metal Prices, Premium

The spot price of nickel saw the biggest decline of the day, dropping 1.4 percent on the LME to close at $13,635 per metric ton on Tuesday, July 30. On the LME, the 3-month price of nickel declined 1.3 percent to $13,715 per metric ton. The cash price of primary Indian nickel fell 0.6 percent to INR 803.60 ($13.52) per kilogram.

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 ($1,354) per metric ton. The price of Chinese ferro-moly remained essentially flat at CNY 145,000 ($23,648) per metric ton.

The price of Chinese primary nickel weakened by 0.6 percent, settling at CNY 97,300 ($15,869) per metric ton. The price of Chinese 316 stainless coil continues hovering around CNY 26,000 ($4,240) per metric ton for the fifth day in a row. The price of Chinese 304 stainless coil saw little movement at CNY 16,400 ($2,675) per metric ton. The price of Chinese 316 stainless steel scrap remained essentially flat at CNY 16,100 ($2,626) per metric ton. The price of Chinese 304 stainless steel scrap saw little movement at CNY 16,400 ($2,675) per metric ton.