Cash Price of Primary Indian Nickel Sees Small Price Drop

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The cash price of primary Indian nickel saw the biggest decline of the day, dropping 1.5 percent to close at INR 856.60 ($13.69) per kilogram on Tuesday, October 1. After improving for two days, the 3-month price of nickel declined 0.3 percent on the LME to $13,930 per metric ton. The nickel spot price closed at $13,850 per metric ton. Following a couple days of improvement, the metal’s price weakened by 0.2 percent on the LME.

Chinese stainless steel prices were flat for the day. The price of Chinese ferro-chrome saw essentially no change for the fifth day in a row, remaining around CNY 8,300 ($1,356) per metric ton. For the fifth consecutive day, the price of Chinese ferro-moly held flat at CNY 145,000 ($23,688) per metric ton.

The price of Chinese 316 stainless coil remained essentially flat at CNY 26,000 ($4,248) 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 continues hovering around CNY 16,400 ($2,679) per metric ton for the fifth day in a row. The price of Chinese primary nickel held steady around CNY 97,400 ($15,912) per metric ton.

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