Goldman Sachs Group has upped its three- and six-month nickel price forecasts due to the Indonesian export ban, Platts reported Wednesday. Goldman’s three-month forecast now sits at $18,000 per metric ton (MT), up from $14,500, while its six-month forecast comes to $20,000 per MT, up from $15,000. Goldman has left its 12-month forecast at $16,000 per MT.
The spot price of nickel saw a 3.5 percent increase on Thursday, April 17, reaching $17,875 per metric ton on the LME and making it the biggest mover for the day. The 3-month price of nickel jumped 3.4 percent on the LME to finish at $17,930 per metric ton. The Indian nickel cash price increased 1.8 percent to INR 1,092 ($18.10) per kilogram.
Chinese stainless steel prices closed flat for the day. The price of Chinese ferro-chrome continues hovering around CNY 8,300 ($1,334) per metric ton for the fifth day in a row. The price of Chinese ferro-moly was unchanged at CNY 145,000 ($23,313) 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 ($4,180) per metric ton. For the fifth consecutive day, the price of Chinese 304 stainless coil held flat at CNY 16,400 ($2,637) per metric ton. The price of Chinese 316 stainless steel scrap remained essentially flat at CNY 16,100 ($2,589) per metric ton. The price of Chinese 304 stainless steel scrap was unchanged at CNY 16,400 ($2,637) per metric ton. The price of Chinese primary nickel saw little change in its price on Thursday at CNY 117,900 ($18,956) per metric ton.