Russian President Vladimir Putin’s recent comments keeping force on the table as an option in the power struggle over Ukraine has further bolstered speculation among traders investing in nickel. Russia’s Norilsk Nickel is the world’s top producer of nickel and a January export ban in Indonesia shows no signs of a lift.
Rising 3.0 percent to close at INR 1,073 ($17.76) per kilogram, the Indian nickel cash price experienced the biggest change for Wednesday, April 16. On the LME, the nickel spot price declined 0.7 percent to $17,270 per metric ton. The nickel 3-month price saw a 0.5 percent decline on the LME to $17,345 per metric ton.
Chinese stainless steel prices were flat for the day. The price of Chinese ferro-chrome saw essentially no change for the fifth day in a row, remaining around CNY 8,300 ($1,334) per metric ton. The price of Chinese ferro-moly remained essentially flat at CNY 145,000 ($23,304) per metric ton.
The price of Chinese 316 stainless coil held steady at CNY 26,000 ($4,179) per metric ton. The price of Chinese 304 stainless coil was unchanged at CNY 16,400 ($2,636) per metric ton. The price of Chinese 316 stainless steel scrap continues hovering around CNY 16,100 ($2,588) per metric ton for the fifth day in a row. The price of Chinese 304 stainless steel scrap was unchanged at CNY 16,400 ($2,636) per metric ton. The price of Chinese primary nickel showed little movement yesterday at CNY 117,900 ($18,948) per metric ton.