At INR 938 ($17) per kilogram, the cash price of Indian primary nickel moved up 2.1 percent on May 18, 2012, making it the day’s biggest mover. The price of primary nickel saw a 0.2 percent decline on the LME to $16,910 per metric ton. On the LME, the nickel 3-month price remained essentially flat at $16,975 per metric ton.
Chinese stainless steel closed mixed last Friday. The price of Chinese ferro-chrome saw essentially no change for the fifth day in a row, remaining around CNY 8,300 ($1,312) per metric ton. The price of Chinese ferro-moly remained essentially flat at CNY 145,000 ($22,924) per metric ton.
After three essentially changeless days, the price of Chinese 316 stainless coil dropped 1.3 percent last Friday to CNY 31,100 ($4,916) per metric ton. At CNY 18,300 ($2,893) per metric ton, Chinese 304 stainless coil fell 1.1 percent last Friday. Chinese 304 stainless steel scrap finished the day down 1.1 percent to CNY 18,300 ($2,893) per metric ton. The price of Chinese primary nickel weakened by 0.6 percent, settling at CNY 125,800 ($19,888) per metric ton. For the fifth day in a row, the price of Chinese 316 stainless steel scrap remained essentially flat at CNY 18,400 ($2,909) per metric ton.