According to reports in a Metal Bulletin article, “traders in Shanghai are offering premiums of $80-130 per tonne for spot standard Norilsk Nickel plate, down from $120-160 seen in the beginning of the month.”
Meanwhile, the Indian nickel cash price fell 1.2 percent on Wednesday, August 21, making it the day’s biggest mover.
On the LME, the nickel 3-month price fell 0.7 percent to $14,650 per metric ton. The spot price of nickel weakened by 0.6 percent on the LME, settling at $14,560 per metric ton.
Chinese stainless steel closed mixed on Wednesday. The prices of Chinese ferro-chrome and ferro-moly saw little movement. The price of Chinese primary nickel fell 0.4 percent.
The price of Chinese 304 and 316 stainless coil and scrap saw essentially no change for the fifth day in a row.