On May 8, 2012, the cash price of Indian primary nickel fell by 1.4 percent, landing at INR 919 ($17) per kilogram and 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 at CNY 131,200 ($20,856) per metric ton.
Chinese stainless steel prices were flat for the day. The price of Chinese ferro-chrome remained essentially flat at CNY 8,300 ($1,319) per metric ton. The price of Chinese ferro-moly saw little movement at CNY 145,000 ($23,050) per metric ton.
The price of Chinese 316 stainless coil was unchanged at CNY 31,500 ($5,007) per metric ton. At CNY 18,700 ($2,972) per metric ton, the price of Chinese 304 stainless coil was essentially unchanged. The price of Chinese 316 stainless steel scrap saw essentially no change for the fifth day in a row, remaining around CNY 18,200 ($2,886) per metric ton. The price of Chinese 304 stainless steel scrap remained essentially flat at CNY 18,700 ($2,972) per metric ton.