Daily Stainless Steel and Nickel Price Update – May 16, 2012

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With a decline of 0.8 percent on May 15, 2012, the price of Chinese primary nickel recorded the biggest shift of the day on the stainless market.

The price of Chinese 304 stainless steel scrap remained essentially flat between $2,900 and $2,950 per metric ton. The price of Chinese 316 stainless steel scrap held steady at above $2,900 per metric ton. The price of Chinese 304 stainless coil held steady, below $2,950 per metric ton. The price of Chinese 316 stainless coil remained essentially flat at below $5,000 per metric ton.

For the fifth consecutive day, the price of Chinese ferro-chrome held flat above $1,300 per metric ton. The price of Chinese ferro-moly saw essentially no change for the fifth day in a row, remaining below $22,950 per metric ton.

On the LME, the 3-month price of nickel declined 0.3 percent to $17,000 per metric ton. The cash price of primary nickel saw a 0.3 percent decline on the LME to $16,980 per metric ton. The Indian primary nickel cash price closed following a 0.3 percent rise yesterday.

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