Nickel’s Big LME Drop Continued On Friday, Down 10%

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The day’s biggest mover on the London Metal Exchange Friday was the 3-month price of nickel which dropped by 10.1 percent to close at $18,600 per metric ton. The nickel spot price dropped to $18,745 per metric ton on the LME after a 9.2 percent decrease. The Indian nickel cash price weakened by 2.3 percent, settling at INR 1,118 ($18.82) per kilogram.

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Nickel has been regaining some of its lost ground today and it has still surged over 50 percent this year to touch a 27-month peak of $21,625 last Tuesday. As Indonesia’s nickel ore export ban continues there is good reason to believe that nickel will be back to its customary daily gains soon.

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Chinese stainless steel prices were mixed for the day. The price of Chinese ferro-chrome saw little movement at CNY 8,300 ($1,332) per metric ton. The price of Chinese ferro-moly continues hovering around CNY 145,000 ($23,274) per metric ton for the fifth day in a row.

The price of Chinese primary nickel was off by 8.4 percent last Friday, falling from CNY 133,350 ($21,404) to CNY 133,350 ($21,404) per metric ton. The Allegheny Ludlum 316 stainless surcharge was unchanged at $1.16 per pound. The price of Chinese 316 stainless coil saw essentially no change for the fifth day in a row, remaining around CNY 26,000 ($4,173) per metric ton. The price of Chinese 304 stainless coil remained essentially flat at CNY 16,400 ($2,632) per metric ton. The price of Chinese 316 stainless steel scrap saw little movement at CNY 16,100 ($2,584) per metric ton.

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