Nickel Back Up on the LME, 5% Gain Erases Last Week’s Loss

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Nickel prices were back up on the London Metal Exchange Tuesday and early trading Wednesday had them testing $19,000 per ton again.

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A minor correction last week was more than made up for by Tuesday’s gains.

On Tuesday, June 17, the cash price of primary Indian nickel experienced the biggest change, rising 5.1 percent to INR 1,133 ($18.79) per kilogram. On the LME, the nickel 3-month price increased 1.7 percent to $18,380 per metric ton. On the LME, the spot price of nickel rose 1.6 percent to $18,310 per metric ton.

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Chinese stainless steel closed mixed on Tuesday. For the fifth consecutive day, the price of Chinese ferro-chrome held flat at CNY 8,300 ($1,333) per metric ton. The price of Chinese ferro-moly was unchanged at CNY 145,000 ($23,283) per metric ton.

The price of Chinese primary nickel fell 0.8 percent on Tuesday to CNY 129,000 ($20,714) per metric ton after three straight days with no change. The Allegheny Ludlum 316 stainless surcharge held steady at $1.29 per pound. The price of Chinese 316 stainless coil was unchanged at CNY 26,000 ($4,175) per metric ton. The price of Chinese 304 stainless coil continues hovering around CNY 16,400 ($2,633) per metric ton for the fifth day in a row. The price of Chinese 316 stainless steel scrap held steady at CNY 16,100 ($2,585) per metric ton.

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