Cash Price of Primary Indian Nickel Sees Small Jump

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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