India Nickel Scrap prices decline; Nickel Futures fall further 4.5 percent

Published: Mar 10, 2017 09:59 (GMT+8)

Save

India's major nickel scrap prices declined on the Scrap Register Price Index as on Wednesday, while nickel futures prices at India's Multi Commodity Exchange fell further 4.5 percent tracking the weak

INDIA March 09 2017 4:42 PM

MUMBAI (Scrap Register): India's major nickel scrap prices declined on the Scrap Register Price Index as on Wednesday, while nickel futures prices at India's Multi Commodity Exchange fell further 4.5 percent tracking the weakness from LME Nickel.

According to the Scrap Register Price Index, the major nickel scrap commodities like nickel cathode, nickel plate(4x24), nickel plate(9x9) and nickel russian(4x4) traded down on Wednesday.

In futures, the most active March nickel contract on Multi Commodity Exchange dropped by 4.5 percent to Rs. 678.90 per kilogram on Wednesday from previous close of Rs. 710.90 per kilogram. The MXC nickel prices touched an intra-day high of Rs. 713.30 per kilogram and an intra-day low of Rs. 676.60 per kilogram during Wednesday.

Nickel settled 4.2% lower at $10,200/ton on the London Metal Exchange, and dropped 8.1% in two days, the most since August 2015.

Nickel prices concluded their biggest two-day loss since 2015 after PT Aneka Tambang, a top Indonesian nickel producer, said it is taking steps to resume low-grade ore exports.

India Nickel Scrap prices

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or for more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

1 hour ago

[SMM Stainless Steel Market Flash] EU Draft Leaves India, Malaysia and Thailand Off Metal Scrap List

India, Malaysia and Thailand are not included in the European Commission’s draft authorization list for receiving certain ferrous and non-ferrous metal scrap from the EU. Under the revised EU Waste Shipment Regulation, exports of non-hazardous waste to non-OECD countries will generally be prohibited from May 21, 2027 unless the destination country has requested authorization and demonstrated environmentally sound waste management. The Commission opened consultation on the draft on September 18 and plans to adopt the first final list by the end of 2026.

1 hour ago

[SMM Nickel Market Flash] Tesla Expands US Battery Localization as Cybercab Uses Domestic Nickel Cathode

Tesla is expanding US-based battery and critical-material production, with Cybercab now using nickel cathode material produced at Gigafactory Texas. Tesla has also been ramping domestic lithium refining, cathode materials and LFP production during 2026. The move reflects a broader effort to increase local sourcing of key vehicle materials as US trade policies tighten.

1 hour ago

[SMM Nickel Market Flash] EnerVenue Bets on Nickel-Hydrogen Batteries to Compete with LFP Storage

EnerVenue is positioning its nickel-hydrogen technology to compete in the rapidly growing energy-storage market, where lithium iron phosphate batteries are widely used. The company sees advantages in cycle life, safety and performance under harsh operating conditions. As global storage demand expands, commercialization of non-lithium technologies is accelerating, bringing greater attention to nickel-based energy-storage systems.

1 hour ago