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India Nickel Scrap prices fall tracking the weakness in MCX Nickel

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NEW DELHI (Scrap Register): India major nickel scrap prices fell on the Scrap Register Price Index as on Wednesday, tracking the weakness in nickel futures prices at India's Multi Commodity Exchange ahead of an expected interest rate increase from the U.S. Federal Reserve.

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

In futures, the most active December nickel contract on Multi Commodity Exchange settled lower by 0.49 percent to Rs. 713.10 per kilogram on Wednesday from previous close of 716.60 per kilogram. The MCX nickel prices touched an intra-day high of Rs. 722.80 per kilogram and an intra-day low of Rs. 711.00 per kilogram during Wednesday.

One low-grade NPI plant in Shandong Province suspended its NPI production last weekend and switched to straight carbon steel production.

Philippines’s expected nickel ore export will reach 1.52 million wet tons in November, dropping dramatically compared with October. Those exported nickel ore is translated to 13,200 tons for metal content, dropping 65% on monthly basis.

(This article is researched and compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to editor@scrapregister.com)

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