The brass over at Norilsk Nickel have gone on record as saying that they expect a supply shortage near the end of this year, despite current evidence of high legacy inventory crowding LME warehouses.
However, today’s daily prices of nickel are seeing softness.
With a decline of 1.7 percent to INR 1,140 ($18.73) per kilogram on Friday, August 1, the Indian nickel cash price recorded the biggest decline of the day. On the LME, the spot price of nickel inched up 0.5 percent to $18,760 per metric ton. On the LME, the nickel 3-month price declined 0.1 percent to $18,775 per metric ton.
More Stainless and Alloy Pricing:
Chinese stainless steel prices were flat for the day. The price of Chinese ferro-chrome continues hovering around CNY 8,300 ($1,344) per metric ton for the fifth day in a row. The price of Chinese ferro-moly held steady at CNY 145,000 ($23,487) per metric ton.
The Allegheny Ludlum 316 stainless surcharge saw little movement at $1.28 per pound. The price of Chinese 316 stainless coil was unchanged at CNY 26,000 ($4,211) per metric ton. The price of Chinese 304 stainless coil continues hovering around CNY 16,400 ($2,656) per metric ton for the fifth day in a row. The price of Chinese 316 stainless steel scrap remained essentially flat at CNY 16,100 ($2,608) per metric ton. For the fifth consecutive day, the price of Chinese 304 stainless steel scrap held flat at CNY 16,400 ($2,656) per metric ton.