Fresh Russian Sanctions Push Nickel Prices Up

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Rumors of fresh sanctions against Russian individuals by both the US and EU saw nickel prices rise on the LME on Friday and they’re continuing upward today after the sanctions were officially announced. Russia’s Norilsk Nickel is the world’s largest producer of the metal after Indonesia began enforcing an export ban in January. Demand is still strong for the alloying metal in stainless steel.

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On the LME, the spot price of nickel rose 1.7 percent to $18,420 per metric ton. On the LME, the nickel 3-month price increased 1.5 percent to $18,450 per metric ton. After hitting a 30-day high of INR 1,132 ($18.53) per kilogram on Wednesday, April 23, the Indian nickel cash price fell 0.4 percent last Friday.

On Friday, April 25, the price of Chinese primary nickel fell by 2.4 percent, landing at CNY 124,200 ($19,874) per metric ton and making it the day’s biggest mover. The price of Chinese 304 stainless steel scrap saw little movement at CNY 16,400 ($2,624) per metric ton. The price of Chinese 316 stainless steel scrap was unchanged at CNY 16,100 ($2,576) per metric ton. The price of Chinese 304 stainless coil remained essentially flat at CNY 16,400 ($2,624) per metric ton. For the fifth consecutive day, the price of Chinese 316 stainless coil held flat at CNY 26,000 ($4,160) per metric ton.

The price of Chinese ferro-chrome saw essentially no change for the fifth day in a row, remaining around CNY 8,300 ($1,328) per metric ton. The price of Chinese ferro-moly held steady at CNY 145,000 ($23,202) per metric ton.

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On the LME, the spot price of nickel rose 1.7 percent to $18,420 per metric ton. On the LME, the nickel 3-month price increased 1.5 percent to $18,450 per metric ton. After hitting a 30-day high of INR 1,132 ($18.53) per kilogram on Wednesday, April 23, the Indian nickel cash price fell 0.4 percent last Friday.

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