Nickel Falls In Minor Correction, Chinese Mills Lower Price of Nickel Pig Iron

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Lianzhong Stainless Steel Corp (LISCO) cut its price for nickel pig iron to 1,450 yuan ($236) per nickel unit last week, down 50 yuan from its previous price, according to Metalbulletin. The price from Zhangjiagang Pohang Stainless Steel (ZPSS) this week was 1,350 yuan, down 40 yuan from the level it was willing to buy at last week.

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The nickel 3-month price saw the biggest decline of the day, dropping 3.1 percent on the LME to close at $18,500 per metric ton on Monday, June 9. On the LME, the nickel spot price fell 2.8 percent to $18,460 per metric ton. The cash price of primary Indian nickel weakened by 1.8 percent, settling at INR 1,113 ($18.87) per kilogram.

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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 ($1,329) per metric ton. The price of Chinese ferro-moly continues hovering around CNY 145,000 ($23,224) per metric ton for the fifth day in a row.

The price of Chinese primary nickel saw a 0.8 percent decline to CNY 132,450 ($21,214) per metric ton. The Allegheny Ludlum 316 stainless surcharge saw essentially no change for the fifth day in a row, remaining around $1.29 per pound. The price of Chinese 316 stainless coil was unchanged at CNY 26,000 ($4,164) per metric ton. For the fifth day in a row, the price of Chinese 304 stainless coil remained essentially flat at CNY 16,400 ($2,627) per metric ton. The price of Chinese 316 stainless steel scrap held steady at CNY 16,100 ($2,579) per metric ton.

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