Nickel Surplus Keeping Prices Low

American Metal Market reported that the wide availability of nickel and stainless scrap is keeping prices low and nickel spot trading light.

As quoted in the market news:

Melting-grade nickel premiums are steady in a range of 15 to 25 cents per pound, while plating-grade premium remain at 50 to 60 cents per pound.

The London Metal Exchange three-month nickel contract closed the official session July 17 at $13,950 per tonne ($6.33 per pound), up 2.5 percent from $13,605 per tonne ($6.17 per pound) July 5. The contract recently dipped toward the $6-per-pound mark, closing the July 9 official session at $13,245 per tonne ($6.01 per pound), although traders said it had failed to spur a boost in spot purchasing.

Click here to read the full American Metal Market report.