3-Month Price of Nickel Drifts Downwards

With a decline of 0.5 percent on the LME to $13,990 per metric ton on Thursday, January 2, the 3-month price of nickel recorded the biggest decline of the day. The Indian nickel cash price weakened by 0.5 percent, settling at INR 876.60 ($14.16) per kilogram. The spot price of nickel saw a 0.3 percent decline on the LME to $13,965 per metric ton.

Chinese stainless steel closed mixed yesterday. The price of Chinese ferro-chrome saw little movement at CNY 8,300 ($1,372) per metric ton. The price of Chinese ferro-moly held steady at CNY 145,000 ($23,966) per metric ton.

The price of Chinese primary nickel declined 0.5 percent to CNY 96,100 ($15,883) per metric ton. The price of Chinese 316 stainless coil continues hovering around CNY 26,000 ($4,297) per metric ton for the fifth day in a row. The price of Chinese 304 stainless coil remained essentially flat at CNY 16,400 ($2,711) per metric ton. The price of Chinese 316 stainless steel scrap was unchanged at CNY 16,100 ($2,661) per metric ton. For the fifth consecutive day, the price of Chinese 304 stainless steel scrap held flat at CNY 16,400 ($2,711) per metric ton.