Nickel prices are soaring amid growing concern about the availability of supply from Indonesia and Russia, the top two producers of the metal, the Wall Street Journal reported. The price of the industrial metal, which is used to make steel stronger and more resistant to corrosion and extreme temperatures, hit a 14-month high on Thursday then topped itself on Friday, bringing year-to-date gains to 29%.
On Friday, April 18, the nickel spot price experienced the biggest change, rising 0.6 percent on the LME to $17,980 per metric ton. On the LME, the nickel 3-month price increased 0.1 percent to $17,950 per metric ton. The cash price of primary Indian nickel ended a two-day climb, settling at INR 1,092 ($18.10) per kilogram.
Chinese stainless steel prices were flat for the day. The price of Chinese ferro-chrome held steady at CNY 8,300 ($1,334) per metric ton. For the fifth consecutive day, the price of Chinese ferro-moly held flat at CNY 145,000 ($23,313) per metric ton.
For the fifth day in a row, the price of Chinese 316 stainless coil remained essentially flat at CNY 26,000 ($4,180) per metric ton. The price of Chinese 304 stainless coil was unchanged at CNY 16,400 ($2,637) per metric ton. The price of Chinese 316 stainless steel scrap saw essentially no change for the fifth day in a row, remaining around CNY 16,100 ($2,589) per metric ton. The price of Chinese 304 stainless steel scrap continues hovering around CNY 16,400 ($2,637) per metric ton for the fifth day in a row. The price of Chinese primary nickel remained essentially flat at CNY 117,900 ($18,956) per metric ton.