The cash price of Indian primary nickel moved up 2.1 percent on May 18, 2012, making it the day’s biggest mover on stainless steel and raw material inputs markets. The LME cash price of primary nickel saw a 0.2 percent decline to $16,910 per metric ton. Also on the LME, the 3-month price of nickel remained essentially flat at $16,975 per metric ton.
Also, Chinese stainless steel prices closed on a downward trend last Friday.
After three essentially changeless days, the price of Chinese 316 stainless coil dropped 1.3 percent last Friday. Meanwhile, Chinese 304 stainless coil fell 1.1 percent last Friday. Chinese 304 stainless steel scrap finished the day down 1.1 percent. For the fifth day in a row, the price of Chinese 316 stainless steel scrap remained essentially flat, holding between $2,900 and $2,950 per metric ton.
The price of Chinese primary nickel weakened by 0.6 percent, while Chinese ferro-chrome and ferro-moly prices saw essentially no change for the fifth day in a row.