Cash Price of Primary Indian Nickel Drifts Downwards

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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