Cash Price of Primary Indian Nickel Decline After Improvement

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Metal Prices, Premium

The cash price of primary Indian nickel fell 1.6 percent on Wednesday, October 16 to INR 853.70 ($13.80) per kilogram, making it the day’s biggest mover. The nickel 3-month price weakened by 0.4 percent on the LME, settling at $13,950 per metric ton. The spot price of nickel saw little price change on Wednesday on the LME at $13,890 per metric ton.

Chinese stainless steel closed mixed yesterday. The price of Chinese ferro-chrome was unchanged at CNY 8,300 ($1,360) per metric ton. The price of Chinese ferro-moly held steady at CNY 145,000 ($23,761) per metric ton.

The price of Chinese primary nickel rose 0.8 percent to CNY 98,000 ($16,059) per metric ton. The price of Chinese 316 stainless coil remained essentially flat at CNY 26,000 ($4,261) per metric ton. For the fifth consecutive day, the price of Chinese 304 stainless coil held flat at CNY 16,400 ($2,687) per metric ton. For the fifth day in a row, the price of Chinese 316 stainless steel scrap remained essentially flat at CNY 16,100 ($2,638) per metric ton. The price of Chinese 304 stainless steel scrap saw little movement at CNY 16,400 ($2,687) per metric ton.

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