Spot Price of Nickel Rise

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Metal Prices, Premium

The nickel spot price saw a 3.9 percent increase on Wednesday, October 23, reaching $14,630 per metric ton on the LME and making it the biggest mover for the day. On the LME, the nickel 3-month price price jumped 3.8 percent to $14,740 per metric ton. Weakening prices followed two days of improvement as the Indian nickel cash price dropped 0.8 percent to INR 897.00 ($14.80) per kilogram.

Chinese stainless steel prices were mixed for the day. The price of Chinese ferro-chrome saw little movement at CNY 8,300 ($1,362) per metric ton. The price of Chinese ferro-moly continues hovering around CNY 145,000 ($23,797) per metric ton for the fifth day in a row.

The price of Chinese primary nickel increased 1.6 percent to CNY 100,300 ($16,461) per metric ton. The price of Chinese 316 stainless coil remained essentially flat at CNY 26,000 ($4,267) per metric ton. The price of Chinese 304 stainless coil saw essentially no change for the fifth day in a row, remaining around CNY 16,400 ($2,692) 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 ($2,642) per metric ton. For the fifth consecutive day, the price of Chinese 304 stainless steel scrap held flat at CNY 16,400 ($2,692) per metric ton.

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