More Russian Sanctions Push Up Nickel Prices

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New sanctions against Russian individuals and the renewed specter of sanctions against Russian industry are pushing nickel prices up and they have continued to climb for two days now. 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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The Allegheny Ludlum 316 stainless surcharge increased by 18.0 percent on Tuesday, April 29 to $1.16 per pound, making it the day’s biggest mover. The price of Chinese primary nickel flattened at CNY 124,200 ($19,862) following two-days of declines. The price of Chinese 304 stainless steel scrap saw essentially no change for the fifth day in a row, remaining around CNY 16,400 ($2,623) per metric ton. For the fifth consecutive day, the price of Chinese 316 stainless steel scrap held flat at CNY 16,100 ($2,575) per metric ton. For the fifth day in a row, the price of Chinese 304 stainless coil remained essentially flat at CNY 16,400 ($2,623) per metric ton.

The price of Chinese ferro-chrome held steady at CNY 8,300 ($1,327) per metric ton. The price of Chinese ferro-moly remained essentially flat at CNY 145,000 ($23,189) per metric ton.

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The cash price of primary Indian nickel inched up 0.9 percent to INR 1,142 ($18.86) per kilogram. On the LME, the nickel spot price increased 0.2 percent to $18,460 per metric ton. On the LME, the 3-month price of nickel fell 0.1 percent to $18,426 per metric ton.

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