Cash Price of Primary Indian Nickel Sees Small Decrease

The Indian nickel cash price saw the biggest decline of the day, dropping 0.3 percent to close at INR 870.00 ($13.77) per kilogram on Wednesday, September 18. The spot price of nickel weakened by 0.3 percent on the LME, settling at $13,770 per metric ton. Weakening prices followed two days of improvement as the 3-month price of nickel dropped 0.3 percent on the LME to $13,860 per metric ton.

Chinese stainless steel prices were mixed for the day. 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 saw essentially no change for the fifth day in a row, remaining around CNY 145,000 ($23,687) per metric ton.

The price of Chinese primary nickel saw a 0.2 percent decline to CNY 97,750 ($15,968) per metric ton. The price of Chinese 316 stainless coil was unchanged at CNY 26,000 ($4,247) per metric ton. The price of Chinese 304 stainless coil saw little movement at CNY 16,400 ($2,679) per metric ton. The price of Chinese 316 stainless steel scrap remained essentially flat at CNY 16,100 ($2,630) per metric ton. The price of Chinese 304 stainless steel scrap held steady at CNY 16,400 ($2,679) per metric ton.