Cash Price of Primary Indian Nickel Changes Directions

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Metal Prices, Premium

Weakening prices changed direction when the Indian nickel cash price rose 3.1 percent on Friday, September 6 to INR 930.00 ($14.12) per kilogram. The nickel spot price is back up, rising by 0.8 percent on the LME last Friday to close at $13,650 per metric ton. After falling for two days, the 3-month price of nickel rose 0.4 percent on the LME to $13,680 per metric ton.

Chinese stainless steel closed mixed last Friday. The price of Chinese ferro-chrome continues hovering around CNY 8,300 ($1,356) per metric ton for the fifth day in a row. The price of Chinese ferro-moly held steady at CNY 145,000 ($23,692) per metric ton.

Following a 0.5 percent rise last Friday, the price of Chinese primary nickel closed at CNY 97,500 ($15,931) per metric ton. For the fifth consecutive day, the price of Chinese 316 stainless coil held flat at CNY 26,000 ($4,248) per metric ton. The price of Chinese 304 stainless coil saw essentially no change for the fifth day in a row, remaining around CNY 16,400 ($2,680) per metric ton. The price of Chinese 316 stainless steel scrap was unchanged at CNY 16,100 ($2,631) per metric ton. The price of Chinese 304 stainless steel scrap remained essentially flat at CNY 16,400 ($2,680) per metric ton.