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.
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.
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.