Nickel Correction Continues, Spot Price Down on the LME

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The day’s biggest mover was the Indian nickel cash price which dropped by 3.2 percent on Friday, June 13 to close at INR 1,078 ($18.18) per kilogram. On the LME, the 3-month price of nickel fell 1.8 percent to $18,075 per metric ton. The nickel spot price saw a 1.5 percent decline on the LME to $18,025 per metric ton.

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Prices are still up 33 percent this year after surging as much as 56 percent following January’s ban on raw-ore exports by Indonesia, the world’s biggest nickel-mining nation.

Chinese stainless steel prices were flat for the day. The price of Chinese ferro-chrome saw essentially no change for the fifth day in a row, remaining around CNY 8,300 ($1,335) per metric ton. For the fifth consecutive day, the price of Chinese ferro-moly held flat at CNY 145,000 ($23,317) per metric ton.

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The Allegheny Ludlum 316 stainless surcharge remained essentially flat at $1.29 per pound. For the fifth day in a row, the price of Chinese 316 stainless coil remained essentially flat at CNY 26,000 ($4,181) per metric ton. The price of Chinese 304 stainless coil saw little movement at CNY 16,400 ($2,637) per metric ton. The price of Chinese 316 stainless steel scrap held steady at CNY 16,100 ($2,589) per metric ton. The price of Chinese 304 stainless steel scrap was unchanged at CNY 16,400 ($2,637) per metric ton.

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