Cash Price of Primary Indian Nickel Switches Direction

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On Thursday, November 28, the day’s biggest mover was the Indian nickel cash price, which saw a 2.1 percent decline to INR 848.80 ($13.57) per kilogram. The spot price of nickel saw a 0.5 percent decline on the LME to $13,400 per metric ton. On the LME, the nickel 3-month price declined 0.5 percent to $13,470 per metric ton.

Chinese stainless steel prices were mixed for the day. The price of Chinese ferro-chrome held steady at CNY 8,300 ($1,362) per metric ton. For the fifth consecutive day, the price of Chinese ferro-moly held flat at CNY 145,000 ($23,800) per metric ton.

The price of Chinese primary nickel reached a 30-day low after decreasing 1.0 percent to CNY 93,800 ($15,396) per metric ton. The price of Chinese 316 stainless coil saw little movement at CNY 26,000 ($4,268) per metric ton. The price of Chinese 304 stainless coil continues hovering around CNY 16,400 ($2,692) per metric ton for the fifth day in a row. The price of Chinese 316 stainless steel scrap remained essentially flat at CNY 16,100 ($2,643) per metric ton. For the fifth day in a row, the price of Chinese 304 stainless steel scrap remained essentially flat at CNY 16,400 ($2,692) per metric ton.

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