Cash Price of Primary Indian Nickel Down

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Metal Prices
Dropping 1.7 percent, the cash price of primary Indian nickel was the biggest mover on Wednesday, January 8, closing at INR 853.10 ($13.74) per kilogram. The 3-month price of nickel weakened by 0.7 percent on the LME, settling at $13,540 per metric ton. The spot price of nickel saw a 0.6 percent decline on the LME to $13,475 per metric ton.

Chinese stainless steel closed mixed yesterday. The price of Chinese ferro-chrome remained essentially flat at CNY 8,300 ($1,372) per metric ton. The price of Chinese ferro-moly held steady at CNY 145,000 ($23,961) per metric ton.

The price of Chinese primary nickel declined 1.2 percent to CNY 94,000 ($15,533) per metric ton. The price of Chinese 316 stainless coil was unchanged at CNY 26,000 ($4,296) per metric ton. The price of Chinese 304 stainless coil saw essentially no change for the fifth day in a row, remaining around CNY 16,400 ($2,710) per metric ton. The price of Chinese 316 stainless steel scrap held steady at CNY 16,100 ($2,660) per metric ton. The price of Chinese 304 stainless steel scrap remained essentially flat at CNY 16,400 ($2,710) per metric ton.

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