The day’s biggest mover 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 at CNY 17,300 ($2,736) per metric ton. On Tuesday, the price of Chinese primary nickel experienced a large decrease, rising 3.8 percent to land at CNY 130,750 ($20,682) per metric ton. At CNY 31,000 ($4,903) per metric ton, Chinese 316 stainless coil fell 0.3 percent on Tuesday. Chinese 304 stainless steel scrap saw little change in its price on Tuesday at CNY 18,300 ($2,894) per metric ton. The price of Chinese 304 stainless coil showed little movement on Tuesday at CNY 18,300 ($2,894) per metric ton.
For the fifth day in a row, the price of Chinese ferro-chrome remained essentially flat at CNY 8,300 ($1,312) per metric ton. The price of Chinese ferro-moly was unchanged at CNY 145,000 ($22,936) per metric ton.
On the LME, the nickel spot price fell 1.9 percent to $16,770 per metric ton. The cash price of primary Indian nickel gained 1.9 percent to finish at INR 934 ($17) per kilogram. On the LME, the nickel 3-month price declined 1.7 percent to $16,855 per metric ton.