Chinese Primary Nickel Shifts Downwards

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Commodities, Premium

On May 16, 2012, the price of Chinese primary nickel fell by two percent, landing at CNY 125,500 ($19,860) per metric ton and making it the day’s biggest mover. After holding steady for the past few days, the price of Chinese 304 stainless steel scrap fell 0.5 percent, closing at CNY 18,500 ($2,927) per metric ton. The price of Chinese 304 stainless coil fell 0.5 percent on Wednesday to CNY 18,500 ($2,927) per metric ton 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 around CNY 18,400 ($2,915) per metric ton. For the fifth day in a row, the price of Chinese 316 stainless coil remained essentially flat at CNY 31,500 ($4,984) per metric ton.

The price of Chinese ferro-chrome saw little movement at CNY 8,300 ($1,313) per metric ton. The price of Chinese ferro-moly was unchanged at CNY 145,000 ($22,946) per metric ton.

The cash price of Indian primary nickel rose 0.6 percent to INR 920 ($17) per kilogram. 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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