Nickel 3-Month Price Falls 2.3%

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The nickel 3-month price saw the biggest shift of the day, dropping 2.3 percent on the LME to close at $17,070 per metric ton on May 10, 2012. The price of primary nickel weakened by 2.2 percent on the LME, settling at $17,030 per metric ton. Following a two-day drop, the cash price of Indian primary nickel increased by 1.2 percent to INR 920 ($17) per kilogram.

Chinese stainless steel prices were mixed for the day. The price of Chinese ferro-chrome was unchanged at CNY 8,300 ($1,315) 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 ($22,976) per metric ton.

The price of Chinese 304 stainless coil moved on Thursday. After a few changeless days, prices dropped 0.5 percent to CNY 18,600 ($2,947) per metric ton. After three straight days of no change, the price of Chinese 304 stainless steel scrap decreased by 0.5 percent to CNY 18,600 ($2,947) per metric ton. The price of Chinese 316 stainless coil remained essentially flat at CNY 31,500 ($4,991) per metric ton. The price of Chinese 316 stainless steel scrap held steady at CNY 18,400 ($2,915) per metric ton. The price of Chinese primary nickel saw little movement on Thursday, closing out around CNY 130,800 ($20,726) per metric ton.

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