Nickel Spot Price Drifts Downwards

The day’s biggest mover was the spot price of nickel which dropped by 2.2 percent on Tuesday, January 7 to close at $13,560 per metric ton on the LME. On the LME, the nickel 3-month price fell 2.0 percent to $13,635 per metric ton. The cash price of primary Indian nickel saw a 1.0 percent decline to INR 868.10 ($13.93) per kilogram.

Chinese stainless steel prices closed flat for the day. The price of Chinese ferro-chrome held steady at CNY 8,300 ($1,371) per metric ton. For the fifth day in a row, the price of Chinese ferro-moly remained essentially flat at CNY 145,000 ($23,958) per metric ton.

The price of Chinese 316 stainless coil saw essentially no change for the fifth day in a row, remaining around CNY 26,000 ($4,296) 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 was unchanged at CNY 16,100 ($2,660) per metric ton. The price of Chinese 304 stainless steel scrap saw little movement at CNY 16,400 ($2,710) per metric ton. Following two days of downward movement, the price of Chinese primary nickel held steady at CNY 95,150 ($15,721) per metric ton.