The day’s biggest mover on stainless and raw material inputs markets, Chinese 316 stainless steel scrap, broke away from a three-day static phase with a 1.1 percent jump on May 9, 2012. The price of Chinese primary nickel saw a 0.3 percent decline to CNY 130,800 ($20,784) per metric ton. Chinese 304 stainless steel scrap stayed flat at around CNY 18,700 ($2,971) per metric ton. At CNY 18,700 ($2,971) per metric ton, the price of Chinese 304 stainless coil was essentially unchanged. The price of Chinese 316 stainless coil was unchanged at CNY 31,500 ($5,005) per metric ton.
The price of Chinese ferro-chrome saw little movement at CNY 8,300 ($1,318) 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 ($23,040) per metric ton.
The cash price of Indian primary nickel weakened by one percent, settling at INR 910 ($17) per kilogram. Also on the LME, the nickel 3-month price increased 0.2 percent to $17,465 per metric ton. The primary nickel price increased 0.2 percent on the LME to $17,405 per metric ton.