Nickel Back Up, But Filipino Exports Fall From Record High

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China’s nickel ore imports from the Philippines fell from a record high as buyers hesitated to purchase amid declining prices.

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Supplies from the Southeast Asian nation in September fell 15% to 4.52 million metric tons, down from 5.33 million the previous month, data released today by China’s General Administration of Customs showed. Imports rose 27% from a year earlier, Bloomberg News reported.

The cash price of primary Indian nickel saw the biggest upwards shift for the day, rising 8.5% to close at INR 1,024 ($16.70) per kilogram on Thursday, October 23. The nickel spot price steadied at $15,210 per metric ton following 2 days of dropping prices on the LME. The 3-month price of nickel flattened at $15,295 following two-days of declines on the LME.

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Chinese stainless steel prices closed flat for the day. The price of Chinese ferro-chrome was unchanged at CNY 8,300 ($1,351) per metric ton. For the fifth day in a row, the price of Chinese ferro-moly remained essentially flat at CNY 145,000 ($23,609) per metric ton.

The Allegheny Ludlum 316 stainless surcharge saw essentially no change for the fifth day in a row, remaining around $1.25 per pound. The price of Chinese 316 stainless coil held steady at CNY 26,000 ($4,233) per metric ton. For the fifth consecutive day, the price of Chinese 304 stainless coil held flat at CNY 16,400 ($2,670) per metric ton. The price of Chinese 316 stainless steel scrap continues hovering around CNY 16,100 ($2,621) per metric ton for the fifth day in a row. The price of Chinese 304 stainless steel scrap saw little movement at CNY 16,400 ($2,670) per metric ton.

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