Today’s Indian, LME Nickel Prices Up on Philippine Export Ban Fears

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Congressman Erlpe John Amante of the Philippines went on record saying that he wants a mineral export ban – including nickel ore – to take effect no sooner than 5 years after a couple other domestic mineral processing laws are passed.

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While Amante and others fight to keep the Philippines’ economic advantages intact, the global prices of nickel have risen due to fears over the ban.

Today’s Nickel and Stainless Prices

Rising 1.1 percent to close at INR 1,190 ($19.75) per kilogram, the cash price of primary Indian nickel experienced the biggest change for Monday, September 8. After a 0.8 percent increase, the nickel spot price finished the day on the LME at $19,380 per metric ton. On the LME, the nickel 3-month price increased 0.6 percent to $19,450 per metric ton.

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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 ($1,345) per metric ton. The price of Chinese ferro-moly held steady at CNY 145,000 ($23,495) per metric ton.

The Allegheny Ludlum 316 stainless surcharge continues hovering around $1.26 per pound for the fifth day in a row. The price of Chinese 316 stainless coil was unchanged at CNY 26,000 ($4,213) per metric ton. The price of Chinese 304 stainless coil saw little movement at CNY 16,400 ($2,657) 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 ($2,609) per metric ton. The price of Chinese 304 stainless steel scrap continues hovering around CNY 16,400 ($2,657) per metric ton for the fifth day in a row.

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