A recent upswing in nickel prices is being attributed to Russian President Vladimir Putin’s policies towards Ukraine — and the threat of international sanctions against the Putin regime could have big ramifications for the commodity.
Monday’s sanctions by Canada and the United States were mostly aimed at individuals, but some observers suspect Russia’s nickel exporters, and other industries, will be next on the list, the CBC reported Monday.
With a 1.5 percent increase over the past day, the Indian nickel cash price was the biggest mover on Tuesday. At $15,950, the nickel 3-month price finished the market day on the LME up 1.2 percent per metric ton. On the LME, the nickel spot price rose 0.9 percent to $15,860 per metric ton.
Chinese stainless steel prices were mixed for the day. For the fifth consecutive day, the price of Chinese ferro-chrome held flat. The price of Chinese ferro-moly held steady as well.
The price of Chinese primary nickel finished the day with a 0.9 percent increase. The price of Chinese 316 stainless coil continues hovering around a high point for the fifth day in a row. The price of Chinese 304 stainless coil saw little movement. The price of Chinese 316 stainless steel scrap saw essentially no change for the fifth day in a row. The price of Chinese 304 stainless steel scrap was unchanged as well.