Chinese Primary Nickel Price Increases on May 17, 2012

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The price of Chinese primary nickel rose 0.8 percent on May 17, 2012, making it the day’s biggest mover on stainless steel and raw materials inputs markets. After two days of falling prices, it closed between $20,000 and $20,250 per metric ton.

The price of Chinese 304 stainless steel scrap remained steady at above $2,900 per metric ton. The price of Chinese 316 stainless steel scrap continues to hover around $2,900 per metric ton for the fifth day in a row. The price of Chinese 304 stainless coil held steady between $2,925-$2,950 per metric ton. The price of Chinese 316 stainless coil held steady at under $5,000 per metric ton.

The price of Chinese ferro-chrome saw little movement at above $1,300 per metric ton, and the Chinese ferro-moly price saw essentially no change for the fifth day in a row, remaining between $22,900-$22,950 per metric ton.

On the LME, the nickel 3-month price declined 0.3 percent to $16,975 per metric ton. On the LME, the price of primary nickel fell 0.2 percent to $16,950 per metric ton. The cash price of Indian primary nickel flattened at between $15-20 per kilogram after two days of improvement.

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