Cash Price of Primary Indian Nickel Improves Slightly

On Friday, January 3, the day’s biggest mover was the cash price of primary Indian nickel, which saw a 1.6 percent increase to INR 890.60 ($14.30) per kilogram. On the LME, the spot price of nickel fell 0.5 percent to $13,900 per metric ton. The 3-month price of nickel saw a 0.1 percent decline on the LME to $13,975 per metric ton.

Chinese stainless steel prices were mixed for the day. The price of Chinese ferro-chrome saw essentially no change for the fifth day in a row, remaining around CNY 8,300 ($1,372) per metric ton. For the fifth day in a row, the price of Chinese ferro-moly remained essentially flat at CNY 145,000 ($23,963) per metric ton.

The price of Chinese primary nickel fell 0.4 percent to CNY 95,700 ($15,815) per metric ton. The price of Chinese 316 stainless coil held steady at CNY 26,000 ($4,297) per metric ton. For the fifth consecutive day, the price of Chinese 304 stainless coil held flat at CNY 16,400 ($2,710) per metric ton. The price of Chinese 316 stainless steel scrap saw little movement at CNY 16,100 ($2,661) per metric ton. The price of Chinese 304 stainless steel scrap was unchanged at CNY 16,400 ($2,710) per metric ton.