3-Month Price of Nickel Falls Nearly 5% on the LME, Surplus Creates Freefall

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Inventories of nickel tracked by the London Metal Exchange rose for a 7th session today to 358,374 metric tons, data showed. They’re up 37% this year. Policy makers in China, the biggest metals user, eased property restrictions as a real-estate slump threatened economic growth. Stainless steel, made with nickel, is used in products from sinks to window fittings, Bloomberg reported.

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On Tuesday, September 30, the day’s biggest mover was the 3-month price of nickel, which saw a 4.7% decline on the LME to $16,560 per metric ton. The spot price of nickel closed at $16,505 per metric ton. Following a couple days of improvement, the metal’s price weakened by 4.4% on the LME. At INR 1,042 ($16.90), the cash price of primary Indian nickel finished the market day up 0.4% per kilogram.

Chinese stainless steel prices were flat for the day. The price of Chinese ferro-chrome was unchanged at CNY 8,300 ($1,350) per metric ton. The price of Chinese ferro-moly saw essentially no change for the fifth day in a row, remaining around CNY 145,000 ($23,578) per metric ton.

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The Allegheny Ludlum 316 stainless surcharge held steady around $1.25 per pound. The price of Chinese 316 stainless coil saw little movement at CNY 26,000 ($4,228) per metric ton. The price of Chinese 304 stainless coil was unchanged at CNY 16,400 ($2,667) per metric ton. The price of Chinese 316 stainless steel scrap held steady at CNY 16,100 ($2,618) per metric ton. The price of Chinese 304 stainless steel scrap remained essentially flat at CNY 16,400 ($2,667) per metric ton.

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