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

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.