Cash Price of Primary Indian Nickel Turns Around After Two-Day Fall

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The Indian nickel cash price rose 3.2 percent on Thursday, December 12, making it the day’s biggest mover. After two days of falling prices, it closed at INR 880.10 ($14.29) per kilogram. Following two days of rising prices, the nickel spot price dropped 0.6 percent on the LME to $13,920 per metric ton. Weakening prices followed two days of improvement as the 3-month price of nickel dropped 0.5 percent on the LME to $13,990 per metric ton.

Chinese stainless steel prices closed flat for the day. The price of Chinese ferro-chrome remained essentially flat at CNY 8,300 ($1,367) per metric ton. The price of Chinese ferro-moly continues hovering around CNY 145,000 ($23,881) per metric ton for the fifth day in a row.

The price of Chinese 316 stainless coil saw little movement at CNY 26,000 ($4,282) per metric ton. The price of Chinese 304 stainless coil was unchanged at CNY 16,400 ($2,701) per metric ton. For the fifth consecutive day, the price of Chinese 316 stainless steel scrap held flat at CNY 16,100 ($2,652) 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 ($2,701) per metric ton. The price of Chinese primary nickel remained essentially flat at CNY 95,750 ($15,769) per metric ton.

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