Cash Price of Primary Indian Nickel Sees Small Price Drop

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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