3-Month Price of Nickel Weakens After Climb

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Metal Prices, Premium

Following two days of increases on the LME, the 3-month price of nickel dropped by 2.1 percent to end at $14,105 per metric ton on Wednesday, December 25. Following a couple days of improvement, the nickel spot price weakened by 1.8 percent on the LME. Prices closed at $14,045 per metric ton. The Indian nickel cash price inched up 1.3 percent to INR 902.00 ($14.60) per kilogram.

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

The price of Chinese primary nickel declined 0.9 percent to CNY 96,300 ($15,861) per metric ton. The price of Chinese 316 stainless coil held steady at CNY 26,000 ($4,282) per metric ton. The price of Chinese 304 stainless coil remained essentially flat 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.

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