On May 8, 2012, the cash price of Indian primary nickel fell by 1.4 percent, making it the day’s biggest mover on stainless steel and its raw material inputs markets. On the LME, the primary nickel price remained essentially flat at $17,370 per metric ton. The 3-month price of nickel flattened at $17,425 per metric ton after two days of downward movement on the LME. The price of Chinese primary nickel saw little movement on Tuesday, remaining below $20,900 per metric ton.
The price of Chinese ferro-chrome remained essentially flat, holding above $1,300 per metric ton. The price of Chinese ferro-moly saw little movement, staying between $23,000 and $23,100 per metric ton.
Chinese stainless steel prices were flat for the day. The price of Chinese 316 stainless coil was unchanged above $5,000 per metric ton. At below $3,000 per metric ton, the price of Chinese 304 stainless coil didn’t move. The price of Chinese 316 stainless steel scrap saw essentially no change for the fifth day in a row, remaining below $2,900 per metric ton. The price of Chinese 304 stainless steel scrap remained essentially flat below $3,000 per metric ton.