Nickel fell from a one-month high today, leading base metals lower, amid data showing property prices declined a second month in China, the largest metals consumer, and after weaker industrial production data in the US.
October new-home prices fell for a second month in all but one city monitored by the government, according to China’s statistics bureau.
On Monday, November 17, the day’s biggest mover was the Indian nickel cash price, which saw a 2.5% increase to INR 984.50 ($16.06) per kilogram. On the LME, the 3-month price of nickel fell 1.5% to $15,370 per metric ton. The spot price of nickel saw a 1.3% decline on the LME to $15,315 per metric ton.
Chinese stainless steel prices were mixed for the day. For the fifth consecutive day, the price of Chinese ferro-chrome held flat 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 price of Chinese primary nickel rose 2.0% to CNY 106,700 ($17,373) per metric ton. The Allegheny Ludlum 316 stainless surcharge was unchanged at $1.06 per pound. The price of Chinese 316 stainless coil saw little movement at CNY 26,000 ($4,233) per metric ton. The price of Chinese 304 stainless coil held steady at CNY 16,400 ($2,670) per metric ton. The price of Chinese 316 stainless steel scrap held steady at CNY 31,500 ($5,129) per metric ton.