Cash Price of Primary Indian Nickel Drifts Downwards

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Metal Prices, Premium

The cash price of primary Indian nickel experienced the biggest price decline of the day, dropping 1.3 percent to close at INR 885.10 ($14.38) per kilogram on Thursday, October 24. The 3-month price of nickel saw a 0.7 percent decline on the LME to $14,635 per metric ton. The nickel spot price weakened by 0.4 percent on the LME, settling at $14,575 per metric ton.

Chinese stainless steel prices were mixed for the day. For the fifth day in a row, the price of Chinese ferro-chrome remained essentially flat at CNY 8,300 ($1,365) per metric ton. The price of Chinese ferro-moly held steady at CNY 145,000 ($23,838) per metric ton.

The price of Chinese primary nickel fell 0.2 percent to CNY 100,100 ($16,457) per metric ton. The price of Chinese 316 stainless coil saw little movement at CNY 26,000 ($4,274) per metric ton. The price of Chinese 304 stainless coil continues hovering around CNY 16,400 ($2,696) per metric ton for the fifth day in a row. The price of Chinese 316 stainless steel scrap was unchanged at CNY 16,100 ($2,647) per metric ton. For the fifth consecutive day, the price of Chinese 304 stainless steel scrap held flat at CNY 16,400 ($2,696) per metric ton.

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