Chinese Primary Nickel Drifts Downwards

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On May 16, 2012, the price of Chinese primary nickel fell by two percent, making it the day’s biggest mover on the stainless and raw materials inputs markets.

After holding steady for the past few days, the price of Chinese 304 stainless steel scrap fell 0.5 percent. The price of Chinese 304 stainless coil fell 0.5 percent on Wednesday after three straight days with no change. The price of Chinese 316 stainless steel scrap saw essentially no change for the fifth day in a row, remaining between $2,900 and $2,950 per metric ton. For the fifth day in a row, the price of Chinese 316 stainless coil remained essentially flat, holding below $5,000 per metric ton.

The price of Chinese ferro-chrome saw little movement, and Chinese ferro-moly price was unchanged on May 16.

The cash price of Indian primary nickel rose 0.6 percent. The 3-month price of nickel rose 0.2 percent on the LME to $17,030 per metric ton after a two-day drop. Following two days of downward movement, the primary nickel price held steady at $16,985 per metric ton on the LME.

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