The cash price of primary Indian nickel experienced the biggest price shift of the day on global stainless markets, dropping 2.3 percent 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. The LME nickel 3-month price gained one percent to finish at $17,140 per metric ton.
However, Chinese stainless steel prices were mixed for the day.
The price of Chinese 316 stainless coil remained essentially flat at between $4,900 and $4,950 per metric ton. Chinese 304 stainless coil saw little change in its price yesterday, hovering below $2,900 per metric ton. The price of Chinese 316 stainless steel scrap saw little movement as well, also around $2,900 per metric ton. The price of Chinese 304 stainless steel scrap held steady.
For the fifth consecutive day, the price of Chinese ferro-chrome held flat, and the Chinese ferro-moly price remained essentially flat below $23,000 per metric ton.
Finally, the price of Chinese primary nickel rose 0.2 percent.