Nickel Market Bulging from Oversupply, Daily Global Prices Mixed
Although nickel producer stocks decreased slightly from April to May, the International Nickel Study Group (INSG) reported a global nickel market surplus to the tune of 74,200 metric tons, according to Reuters.
On Tuesday, August 20, the day’s biggest mover was the Indian nickel cash price, which saw a 1.6 percent increase.
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The 3-month price of nickel weakened by 0.3 percent on the LME, settling at $14,750 per metric ton. The nickel spot price saw a 0.2 percent decline on the LME to $14,650 per metric ton.
Chinese stainless steel prices were mixed for the day. For the fifth day in a row, the price of Chinese ferro-chrome remained essentially flat. The price of Chinese ferro-moly was unchanged. The price of Chinese primary nickel declined 0.4 percent.
The price of Chinese 304 and 316 stainless coil and scrap held steady once again.
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