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. At INR 925 ($17), Indian primary nickel cash price finished the market day up 0.3 percent per kilogram.

Chinese stainless steel closed mixed yesterday. The price of Chinese ferro-chrome was unchanged at CNY 8,300 ($1,322) per metric ton. The price of Chinese ferro-moly continues hovering around CNY 145,000 ($23,107) per metric ton for the fifth day in a row.

The price of Chinese primary nickel saw a 0.8 percent decline to CNY 130,800 ($20,844) per metric ton. The price of Chinese 304 stainless coil increased 0.5 percent to CNY 18,700 ($2,980) per metric ton. The price of Chinese 304 stainless steel scrap rose by 0.5 percent to CNY 18,700 ($2,980) per metric ton. The price of Chinese 316 stainless coil remained essentially flat at CNY 31,500 ($5,019) per metric ton. The price of Chinese 316 stainless steel scrap was unchanged at CNY 18,200 ($2,886) per metric ton.

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