Daily Stainless Roundup: Loss Streak For Chinese 316 Scrap

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The day’s biggest mover on stainless steel and its raw materials inputs markets broke away from a static phase with a six percent drop on May 22, 2012. After three changeless days, the price of Chinese 316 stainless steel scrap closed between $2,700 and $2,750 per metric ton.

On Tuesday, the price of Chinese primary nickel experienced a large decrease as well, rising 3.8 percent.

Other Chinese stainless prices saw downward movement.

Chinese 316 stainless coil fell 0.3 percent on Tuesday. Chinese 304 stainless steel scrap saw little change in its price on Tuesday, remaining under $2,900 per metric ton. The price of Chinese 304 stainless coil showed little movement on Tuesday, also holding under $2,900 per metric ton.

For the fifth day in a row, the price of Chinese ferro-chrome remained essentially flat at above $1,300 per metric ton, while the Chinese ferro-moly price was unchanged.

On the LME, the nickel spot price fell 1.9 percent to $16,770 per metric ton. On the LME, the nickel 3-month price declined 1.7 percent to $16,855 per metric ton.

The cash price of primary Indian nickel gained 1.9 percent.

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