Cash Price Of Primary Indian Nickel Sees Small Decrease

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The cash price of primary Indian nickel experienced the biggest price shift of the day, dropping 2.3 percent to close at INR 917 ($16) per kilogram on May 21, 2012. The spot price of nickel rose 1.1 percent on the LME to $17,100 per metric ton after a two-day drop. On the LME, the nickel 3-month price gained one percent to finish at $17,140 per metric ton.

Chinese stainless steel prices were mixed for the day. For the fifth consecutive day, the price of Chinese ferro-chrome held flat at CNY 8,300 ($1,312) per metric ton. The price of Chinese ferro-moly remained essentially flat at CNY 145,000 ($22,923) per metric ton.

The price of Chinese primary nickel rose 0.2 percent to CNY 126,000 ($19,919) per metric ton. The price of Chinese 316 stainless coil remained essentially flat at CNY 31,100 ($4,916) per metric ton. Chinese 304 stainless coil saw little change in its price yesterday at CNY 18,300 ($2,893) per metric ton. The price of Chinese 316 stainless steel scrap saw little movement at CNY 18,400 ($2,908) per metric ton. The price of Chinese 304 stainless steel scrap held steady at CNY 18,300 ($2,893) per metric ton.

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