Nickel from Russia, the world’s second-largest producer of the refined metal, would be shipped to China in the event of US and European Union trade sanctions, according to a survey by Bloomberg News.
Russian companies selling to Europe and the US would switch to buyers in China, the largest consumer of nickel, said eight out of 12 nickel producers, traders and analysts in the Asia-Pacific region.
On Thursday, April 3, the day’s biggest mover was the nickel 3-month price, which saw a 2.2 percent increase on the LME to $16,170 per metric ton. On the LME, the nickel spot price rose 2.2 percent to $16,120 per metric ton. At INR 982.70 ($16.43), the Indian nickel cash price finished the market day up 0.9 percent per kilogram.
Chinese stainless steel closed mixed yesterday. The price of Chinese ferro-chrome saw essentially no change for the fifth day in a row, remaining around CNY 8,300 ($1,338) per metric ton. For the fifth day in a row, the price of Chinese ferro-moly remained essentially flat at CNY 145,000 ($23,367) per metric ton.
The price of Chinese primary nickel closed at CNY 104,500 ($16,840) per metric ton. Following a couple days of improvement, prices fell by 0.3 percent. The price of Chinese 316 stainless coil held steady at CNY 26,000 ($4,190) per metric ton. The price of Chinese 304 stainless coil continues hovering around CNY 16,400 ($2,643) per metric ton for the fifth day in a row. The price of Chinese 316 stainless steel scrap saw little movement at CNY 16,100 ($2,594) per metric ton. For the fifth consecutive day, the price of Chinese 304 stainless steel scrap held flat at CNY 16,400 ($2,643) per metric ton.