Nickel prices are poised to climb even higher on speculation that Russia faces more political sanctions, exacerbating already tight supplies after Indonesia banned unprocessed ore exports in January. This has led to several manufacturer increases in the price of stainless steel, as well, since nickel is a key ingredient in its production.
On the LME, the nickel spot price gained 0.5 percent to finish at $15,985 per metric ton. On the LME, the nickel 3-month price rose 0.5 percent to $16,000 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 at CNY 8,300 ($1,333) per metric ton. The price of Chinese ferro-moly saw little movement at CNY 145,000 ($23,292) per metric ton. Rising 0.6 percent to close at INR 981.10 ($16.08) per kilogram, the Indian nickel cash price experienced the biggest change for Monday, March 24.
The price of Chinese primary nickel rose 0.3 percent to CNY 102,500 ($16,465) per metric ton. The price of Chinese 316 stainless coil held steady at CNY 26,000 ($4,177) per metric ton. The price of Chinese 304 stainless coil continues hovering around CNY 16,400 ($2,634) per metric ton for the fifth day in a row. The price of Chinese 316 stainless steel scrap saw essentially no change for the fifth day in a row, remaining around CNY 16,100 ($2,586) per metric ton. For the fifth consecutive day, the price of Chinese 304 stainless steel scrap held flat at CNY 16,400 ($2,634) per metric ton.