LME Nickel Price Declines 2.3 Percent
On May 1, 2012, the day’s biggest mover was the LME price of primary nickel, which saw a 2.3 percent decline to $17,835 per metric ton. The 3-month price of nickel weakened by 2.3 percent on the LME, settling at $17,910 per metric ton. The cash price of Indian primary nickel saw little change in its price on Tuesday at INR 936 ($17) per kilogram. The price of Chinese primary nickel held steady around CNY 133,000 ($21,180) per metric ton.
Stainless Steel and Inputs Prices Steady
Chinese stainless steel prices were flat for the day.
Chinese 316 stainless coil stayed flat at around CNY 31,500 ($5,016) per metric ton. The price of Chinese 304 stainless coil continues hovering around CNY 18,600 ($2,962) per metric ton for the fifth day in a row. The price of Chinese 316 stainless steel scrap showed little movement on Tuesday at CNY 18,200 ($2,886) per metric ton. For the fifth day in a row, the price of Chinese 304 stainless steel scrap remained essentially flat at CNY 18,600 ($2,962) per metric ton.
The price of Chinese ferro-chrome held steady at CNY 8,300 ($1,321) per metric ton. The price of Chinese ferro-moly saw essentially no change for the fifth day in a row, remaining around CNY 145,000 ($23,091) per metric ton.
LME Steel Billet 3-Month Price Plateaus
Staying around $490 per metric ton for the day, the steel billet 3-month price remained flat on the LME. The LME cash price of steel billet flattened at $475 after two days of improvement.
Chinese steel and inputs prices closed flat for the day. The price of iron ore 58% fines from India hit a high price of CNY 860 ($136) and a low price of CNY 870 ($138) per dry metric ton. The price of Chinese coking coal saw little movement at CNY 1,780 ($283) per metric ton. Chinese slab held its value on Tuesday at CNY 4,360 ($694) per metric ton.
The 3-month price of US HRC futures showed little movement yesterday, hovering around $670 per short ton. The spot price of US HRC futures contract was unchanged at $685 per short ton.