Daily Stainless Steel, Nickel Roundup: LME Nickel Prices Fall

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The price of primary nickel saw the biggest shift of the day, dropping 1.7 percent on the LME to close at $17,525 per metric ton on May 2, 2012. Also on the LME, the 3-month price of nickel fell 1.6 percent to $17,620 per metric ton. The cash price of Indian primary nickel weakened by 1.5 percent, settling at INR 922 ($17) per kilogram.

Chinese stainless steel closed mixed yesterday. The price of Chinese 316 stainless coil remained steady at CNY 31,500 ($4,991) per metric ton. The price of Chinese 304 stainless coil continues hovering around CNY 18,600 ($2,947) per metric ton for the fifth day in a row. The price of Chinese 316 stainless steel scrap was unchanged at CNY 18,200 ($2,886) per metric ton. For the fifth consecutive day, the price of Chinese 304 stainless steel scrap held flat at CNY 18,600 ($2,947) per metric ton.

For the fifth day in a row, the price of Chinese ferro-chrome remained essentially flat at CNY 8,300 ($1,315) per metric ton. For the fifth consecutive day, the price of Chinese ferro-moly held flat at CNY 145,000 ($22,975) per metric ton.

Wednesday saw the price of Chinese primary nickel shift down 0.9 percent to CNY 131,800 ($20,883) per metric ton after a couple of stagnant days.

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