Cash Price of Primary Indian Nickel Shifts Up 1.3%

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The cash price of primary Indian nickel saw the biggest upwards shift for the day, rising 1.3 percent to close at INR 909.20 ($14.78) per kilogram on Tuesday, October 29. Following a two-day drop, the 3-month price of nickel increased by 0.6 percent on the LME to $14,510 per metric ton. The spot price of nickel rose 0.5 percent on the LME to $14,455 per metric ton after a two-day drop.

Chinese stainless steel prices were flat for the day. For the fifth day in a row, the price of Chinese ferro-chrome remained essentially flat at CNY 8,300 ($1,364) per metric ton. The price of Chinese ferro-moly was unchanged at CNY 145,000 ($23,829) per metric ton.

The price of Chinese 316 stainless coil saw essentially no change for the fifth day in a row, remaining around CNY 26,000 ($4,273) per metric ton. The price of Chinese 304 stainless coil saw little movement at CNY 16,400 ($2,695) per metric ton. The price of Chinese 316 stainless steel scrap remained essentially flat at CNY 16,100 ($2,646) per metric ton. The price of Chinese 304 stainless steel scrap continues hovering around CNY 16,400 ($2,695) per metric ton for the fifth day in a row. The price of Chinese primary nickel remained essentially flat at CNY 100,200 ($16,467) per metric ton.

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