Daily Stainless Steel Update: Nickel Prices Drift

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Dropping 0.9 percent on the LME, the nickel 3-month price showed the most movement on May 3, 2012, closing at $17,470 per metric ton. The primary nickel price weakened by 0.5 percent on the LME, settling at $17,430 per metric ton. The Indian primary nickel cash price finished the market day up 0.3 percent. The price of Chinese primary nickel saw a 0.8 percent decline.

Chinese stainless steel closed mixed yesterday. The price of Chinese ferro-chrome was unchanged, remaining above $1,300 per metric ton. The price of Chinese ferro-moly continues hovering above $23,000 per metric ton for the fifth day in a row.

The price of Chinese 304 stainless coil increased 0.5 percent; the Chinese 304 stainless steel scrap price rose by 0.5 percent as well. The price of Chinese 316 stainless coil remained essentially flat at above $5,000 per metric ton. The price of Chinese 316 stainless steel scrap was unchanged at below $2,900 per metric ton.

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