Cash Price of Primary Indian Nickel Drops 3.4%

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Metal Prices, Premium

With a decline of 3.4 percent to INR 884.30 ($14.27) per kilogram on Tuesday, November 5, the Indian nickel cash price recorded the biggest decline of the day. On the LME, the nickel spot price declined 2.2 percent to $14,255 per metric ton. The 3-month price of nickel weakened by 1.9 percent on the LME, settling at $14,345 per metric ton.

Chinese stainless steel prices were mixed for the day. The price of Chinese ferro-chrome was unchanged at CNY 8,300 ($1,361) per metric ton. The price of Chinese ferro-moly remained essentially flat at CNY 145,000 ($23,784) per metric ton.

The price of Chinese primary nickel saw a 0.7 percent decline to CNY 99,000 ($16,239) per metric ton. For the fifth day in a row, the price of Chinese 316 stainless coil remained essentially flat at CNY 26,000 ($4,265) per metric ton. The price of Chinese 304 stainless coil held steady at CNY 16,400 ($2,690) per metric ton. The price of Chinese 316 stainless steel scrap saw essentially no change for the fifth day in a row, remaining around CNY 16,100 ($2,641) per metric ton. The price of Chinese 304 stainless steel scrap continues hovering around CNY 16,400 ($2,690) per metric ton for the fifth day in a row.

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