According to Austria-based Steel & Metals Market Research GmbH, the rally in nickel prices has not only benefited mining companies, but also stainless steelmakers in Europe. The sale of stainless steel has surged as customers are stocking up in order to avoid higher surcharges as the summer construction season kicks in. Nickel prices have surged nearly 41% year-to-date, mainly on account of an Indonesian ban on ore exports.
Dropping 1.2 percent, the price of Chinese primary nickel was the biggest mover on Thursday, June 5, closing at CNY 133,900 ($21,422) per metric ton. The price of Chinese 304 stainless steel scrap continues hovering around CNY 16,400 ($2,624) per metric ton for the fifth day in a row. 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 held steady at CNY 16,400 ($2,624) per metric ton. The price of Chinese 316 stainless coil saw little movement at CNY 26,000 ($4,160) per metric ton.
For the fifth consecutive day, the price of Chinese ferro-chrome held flat at CNY 8,300 ($1,328) per metric ton. The price of Chinese ferro-moly remained essentially flat at CNY 145,000 ($23,198) per metric ton.
Following a two-day drop, the cash price of primary Indian nickel increased by 1.1 percent to INR 1,141 ($19.25) per kilogram. On the LME, the nickel 3-month price fell 0.8 percent to $18,950 per metric ton. On the LME, the spot price of nickel declined 0.3 percent to $18,945 per metric ton.