Daily Steel, Stainless and Nickel Price Roundup – May 2, 2012

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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, keeping under $20 per kilogram. The price of Chinese primary nickel held steady above $21,000 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 above $5,000 per metric ton. The price of Chinese 304 stainless coil continues hovering below $3,000 per metric ton for the fifth day in a row. The price of Chinese 316 stainless steel scrap showed little movement on Tuesday, holding below $2,900 per metric ton. For the fifth day in a row, the price of Chinese 304 stainless steel scrap remained essentially flat below $3,000 per metric ton.

The price of Chinese ferro-chrome held steady above $1,300 per metric ton, while Chinese ferro-moly prices saw essentially no change for the fifth day in a row, remaining around $23,000 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 high and low prices of iron ore 58% fines from India hit between $135 and $140 per dry metric ton. The price of Chinese coking coal saw little movement, while Chinese slab held its value on Tuesday at under $700 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 was unchanged at $685 per short ton.

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