Cash Price of Primary Indian Nickel Changes Direction

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Metal Prices, Premium

Following two days of increases, the cash price of primary Indian nickel dropped by 1.4 percent to end at INR 864.50 ($13.84) per kilogram on Monday, September 23. The spot price of nickel weakened by 0.4 percent on the LME, settling at $14,080 per metric ton. The nickel 3-month price saw little movement on Monday on the LME, closing out around $14,195 per metric ton.

Chinese stainless steel closed mixed yesterday. The price of Chinese ferro-chrome continues hovering around CNY 8,300 ($1,357) per metric ton for the fifth day in a row. The price of Chinese ferro-moly held steady at CNY 145,000 ($23,703) per metric ton.

The price of Chinese primary nickel moved up 1.0 percent, landing at CNY 98,700 ($16,135) per metric ton. For the fifth consecutive day, the price of Chinese 316 stainless coil held flat at CNY 26,000 ($4,250) per metric ton. For the fifth day in a row, the price of Chinese 304 stainless coil remained essentially flat at CNY 16,400 ($2,681) per metric ton. The price of Chinese 316 stainless steel scrap remained essentially flat at CNY 16,100 ($2,632) per metric ton. The price of Chinese 304 stainless steel scrap saw essentially no change for the fifth day in a row, remaining around CNY 16,400 ($2,681) per metric ton.

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