Spot Price of Nickel Up 3.9% On LME; Mixed Stainless Steel Prices For The Day

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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.

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Chinese stainless steel prices were mixed for the day. The price of Chinese ferro-chrome saw little movement. The price of Chinese ferro-moly continues to hover for the fifth day in a row.

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The price of Chinese primary nickel increased 1.6 percent. The price of Chinese 316 stainless coil remained essentially flat. The price of Chinese 304 stainless coil saw essentially no change for the fifth day in a row. For the fifth day in a row, the price of Chinese 316 stainless steel scrap remained essentially flat. For the fifth consecutive day, the price of Chinese 304 stainless steel scrap held flat.