With a 1.5 percent increase over the past day, the LME nickel spot price was the biggest mover on global stainless steel and raw materials markets, closing at $17,025 per metric ton on May 23, 2012. After a 1.2 percent increase, the 3-month price of nickel finished the day on the LME at $17,055 per metric ton. Indian nickel cash price rose one percent.
Chinese stainless steel prices closed flat for the day. The price of Chinese ferro-chrome was unchanged, and for the fifth consecutive day, the price of Chinese ferro-moly held flat.
Chinese 316 stainless coil held its value on Wednesday at above $4,900 per metric ton. The price of Chinese 304 stainless coil showed little movement on Wednesday at below $2,900 per metric ton. For the twelfth day in a row, the price of Chinese 316 stainless steel scrap fell and is currently between $2,700 and $2,750 per metric ton. The price of Chinese 304 stainless steel scrap remained essentially flat below $2,900 per metric ton.
The price of Chinese primary nickel steadied at above $20,700 per metric ton following two-days of increases.