Primary nickel prices out of China gained nearly 8% today on news that Chinese producers of nickel pig iron would curtail production. Higher-grade product out of China could make up for the exports lost in January when Indonesia banned most nickel exports to prop up its domestic construction industry depending on production.
Rising 7.9 percent to close at CNY 118,000 ($18,993) per metric ton, the price of Chinese primary nickel experienced the biggest change for Friday, April 11. For the fifth day in a row, the price of Chinese 304 stainless steel scrap remained essentially flat at CNY 16,400 ($2,640) per metric ton. The price of Chinese 316 stainless steel scrap was unchanged at CNY 16,100 ($2,591) per metric ton. The price of Chinese 304 stainless coil remained essentially flat at CNY 16,400 ($2,640) per metric ton. The price of Chinese 316 stainless coil saw essentially no change for the fifth day in a row, remaining around CNY 26,000 ($4,185) per metric ton.
For the fifth consecutive day, the price of Chinese ferro-chrome held flat at CNY 8,300 ($1,336) per metric ton. The price of Chinese ferro-moly held steady at CNY 145,000 ($23,339) per metric ton.
The nickel 3-month price experienced a big shift last Friday, gaining 3.8 percent on the LME to finish at $17,120 per metric ton. Last Friday, the nickel spot price experienced a large decrease, rising 3.2 percent on the LME to land at $17,025 per metric ton. The cash price of primary Indian nickel rose 1.7 percent to INR 1,046 ($17.32) per kilogram.