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.
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.
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.