Cash Price of Primary Indian Nickel Sees Small Price Drop

On Thursday, January 9, the day’s biggest mover was the cash price of primary Indian nickel, which saw a 0.6 percent decline to INR 848.00 ($13.65) per kilogram. The 3-month price of nickel saw a 0.3 percent decline on the LME to $13,500 per metric ton. The nickel spot price weakened by 0.3 percent on the LME, settling at $13,440 per metric ton.

Chinese stainless steel prices were mixed for the day. The price of Chinese ferro-chrome continues hovering around CNY 8,300 ($1,371) per metric ton for the fifth day in a row. For the fifth consecutive day, the price of Chinese ferro-moly held flat at CNY 145,000 ($23,959) per metric ton.

The price of Chinese primary nickel fell 0.2 percent to CNY 93,850 ($15,507) per metric ton. The price of Chinese 316 stainless coil continues hovering around CNY 26,000 ($4,296) per metric ton for the fifth day in a row. For the fifth day in a row, the price of Chinese 304 stainless coil remained essentially 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.