Nickel 3-Month Price Falls 2.3% on LME

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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 cash price of LME primary nickel weakened by 2.2 percent, settling at $17,030 per metric ton. Following a two-day drop, the cash price of Indian primary nickel increased by 1.2 percent.

Chinese stainless steel and raw material input prices were mixed for the day. The price of Chinese ferro-chrome held as above $1,300 per metric ton. The price of Chinese ferro-moly saw essentially no change for the fifth day in a row, remaining under $23,000 per metric ton. The price of Chinese primary nickel saw little movement on Thursday, closing out near $20,700 per metric ton.

The price of Chinese 304 stainless coil moved on Thursday — after a few changeless days, prices dropped 0.5 percent. After three straight days of no change, the price of Chinese 304 stainless steel scrap decreased by 0.5 percent as well. The price of Chinese 316 stainless coil remained essentially flat at just under $5,000 per metric ton. The price of Chinese 316 stainless steel scrap held steady at above $2,900 per metric ton.

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