Weakening prices changed direction when the cash price of primary Indian nickel rose 3.2 percent on Wednesday, November 20 to INR 872.10 ($14.04) per kilogram. On the LME, the spot price of nickel fell 0.8 percent to $13,575 per metric ton. Following two days of rising prices, the 3-month price of nickel dropped 0.4 percent on the LME to $13,690 per metric ton.
Chinese stainless steel closed mixed on Wednesday. The price of Chinese ferro-chrome was unchanged at CNY 8,300 ($1,362) per metric ton. The price of Chinese ferro-moly remained essentially flat at CNY 145,000 ($23,794) per metric ton.
The price of Chinese primary nickel fell 0.7 percent to CNY 95,600 ($15,688) per metric ton on Wednesday after two days of no change. For the fifth day in a row, the price of Chinese 316 stainless coil remained essentially flat at CNY 26,000 ($4,267) per metric ton. The price of Chinese 304 stainless coil continues hovering around CNY 16,400 ($2,691) per metric ton for the fifth day in a row. The price of Chinese 316 stainless steel scrap saw essentially no change for the fifth day in a row, remaining around CNY 16,100 ($2,642) per metric ton. The price of Chinese 304 stainless steel scrap held steady at CNY 16,400 ($2,691) per metric ton.