Nickel Spot Price Up After Two-Day Decline

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Metal Prices, Premium

The nickel spot price rose 1.3 percent on Thursday, December 5, making it the day’s biggest mover. After two days of falling prices on the LME, it closed at $13,520 per metric ton. After falling for two days, the nickel 3-month price rose 1.3 percent on the LME to $13,585 per metric ton. The Indian nickel cash price rose 1.2 percent to INR 855.50 ($13.86) per kilogram after a two-day drop.

Chinese stainless steel prices were mixed for the day. For the fifth day in a row, the price of Chinese ferro-chrome remained essentially flat at CNY 8,300 ($1,363) per metric ton. For the fifth consecutive day, the price of Chinese ferro-moly held flat at CNY 145,000 ($23,803) per metric ton.

The price of Chinese primary nickel inched up 1.1 percent to CNY 94,900 ($15,579) per metric ton. The price of Chinese 316 stainless coil continues hovering around CNY 26,000 ($4,268) per metric ton for the fifth day in a row. The price of Chinese 304 stainless coil saw little movement at CNY 16,400 ($2,692) per metric ton. The price of Chinese 316 stainless steel scrap remained essentially flat at CNY 16,100 ($2,643) per metric ton. The price of Chinese 304 stainless steel scrap held steady at CNY 16,400 ($2,692) per metric ton.

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