Dropping 3.1 percent, the cash price of primary Indian nickel was the biggest mover on Monday, July 21, closing at INR 1,127 ($18.69) per kilogram. The spot price of nickel fell 3.0 percent on the LME to $18,500 per metric ton, marking the fifth in a row of declining prices. The drop-off has accelerated since Tuesday, July 15. The nickel 3-month price continues its trend downwards. Finishing the day at $18,600 per metric ton, it dropped 2.9 percent on the LME.
Chinese stainless steel prices closed flat for the day. The price of Chinese ferro-chrome continues hovering around CNY 8,300 ($1,337) per metric ton for the fifth day in a row. The price of Chinese ferro-moly saw essentially no change for the fifth day in a row, remaining around CNY 145,000 ($23,363) per metric ton.
The Allegheny Ludlum 316 stainless surcharge remained essentially flat at $1.31 per pound. The price of Chinese 316 stainless coil held steady at CNY 26,000 ($4,189) per metric ton. For the fifth consecutive day, the price of Chinese 304 stainless coil held flat at CNY 16,400 ($2,642) per metric ton. The price of Chinese 316 stainless steel scrap saw little movement at CNY 16,100 ($2,594) per metric ton. The price of Chinese 304 stainless steel scrap was unchanged at CNY 16,400 ($2,642) per metric ton.