Chinese Primary Nickel Price Up 0.8%

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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. After two days of falling prices, it closed at CNY 126,500 ($20,010) per metric ton. The price of Chinese 304 stainless steel scrap remained steady at CNY 18,500 ($2,926) per metric ton. The price of Chinese 316 stainless steel scrap continues hovering around CNY 18,400 ($2,915) per metric ton for the fifth day in a row. The price of Chinese 304 stainless coil held steady at CNY 18,500 ($2,926) per metric ton. The price of Chinese 316 stainless coil held steady at CNY 31,500 ($4,982) per metric ton.

The price of Chinese ferro-chrome saw little movement at CNY 8,300 ($1,312) per metric ton. The price of Chinese ferro-moly saw essentially no change for the fifth day in a row, remaining around CNY 145,000 ($22,936) 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 INR 919 ($16) after two days of improvement.

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