Spot Price of Nickel Up After Two-Day Decline

On Monday, November 18, the day’s biggest mover was the nickel spot price, which saw a 0.8 percent increase on the LME to $13,685 per metric ton. This increase comes after the price fell for the two previous days. The cash price of primary Indian nickel weakened by 0.8 percent, settling at INR 875.10 ($13.95) per kilogram. On the LME, the 3-month price of nickel gained 0.5 percent to finish at $13,735 per metric ton.

Chinese stainless steel prices closed flat for the day. The price of Chinese ferro-chrome continues hovering around CNY 8,300 ($1,362) per metric ton for the fifth day in a row. For the fifth consecutive day, the price of Chinese ferro-moly held flat at CNY 145,000 ($23,798) per metric ton.

The price of Chinese 316 stainless coil was unchanged at CNY 26,000 ($4,267) per metric ton. The price of Chinese 304 stainless coil remained essentially flat at CNY 16,400 ($2,692) per metric ton. The price of Chinese 316 stainless steel scrap saw little movement at CNY 16,100 ($2,642) per metric ton. The price of Chinese 304 stainless steel scrap held steady at CNY 16,400 ($2,692) per metric ton. The price of Chinese primary nickel held steady around CNY 96,250 ($15,797) per metric ton.