Cash Price of Primary Indian Nickel Sees Small Jump

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The cash price of primary Indian nickel saw the biggest upwards shift for the day, rising 2.5 percent to close at INR 909.40 ($14.78) per kilogram on Thursday, January 16. After improving for two days, the nickel 3-month price declined 0.4 percent on the LME to $14,290 per metric ton. The nickel spot price closed at $14,240 per metric ton. Following a couple days of improvement, prices fell by 0.3 percent on the LME.

Chinese stainless steel prices were mixed for the day. The price of Chinese ferro-chrome held steady at CNY 8,300 ($1,372) per metric ton. For the fifth consecutive day, the price of Chinese ferro-moly held flat at CNY 145,000 ($23,965) per metric ton.

The price of Chinese primary nickel gained 1.1 percent to finish at CNY 97,700 ($16,148) per metric ton. The price of Chinese 316 stainless coil was unchanged at CNY 26,000 ($4,297) per metric ton. The price of Chinese 304 stainless coil saw little movement at CNY 16,400 ($2,711) per metric ton. The price of Chinese 316 stainless steel scrap remained essentially flat at CNY 16,100 ($2,661) per metric ton. For the fifth day in a row, the price of Chinese 304 stainless steel scrap remained essentially flat at CNY 16,400 ($2,711) per metric ton.

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