MUMBAI (Scrap Register): India's major nickel scrap prices remained steady on the Scrap Register Price Index as on Wednesday, while nickel futures prices at India's Multi Commodity Exchange slipped in line with Nickel prices at the London Metal Exchange.
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According to the Scrap Register Price Index, the major nickel scrap commodities like nickel plate(4x24), nickel plate(9x9) and nickel russian(4x4) showed a flat trend on Wednesday.
In futures, the most active March nickel contract on Multi Commodity Exchange slightly down by 0.78 percent to Rs. 658.40 per kilogram on Wednesday from previous close of Rs. 663.60 per kilogram. The MXC nickel prices touched an intra-day high of Rs. 662.10 per kilogram and an intra-day low of Rs. 649.30 per kilogram during Wednesday.
Nickel prices remained under pressure on concerns that U.S. President Trump had yet to implement mooted tax cuts and infrastructure spending.
The INSG estimates that global nickel market was in a small deficit of 1,130 tonnes in January 2017 after recording a deficit of 41,520 tonnes in the whole of 2016. The INSG expects a deficit of 66,000 tonnes this year amid growing demand from the stainless steel sector.