Chinese Primary Nickel Drops 3%

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The price of Chinese primary nickel saw the biggest shift of the day, dropping three percent to close at CNY 126,800 ($20,031) per metric ton on May 24, 2012. The price of Chinese 316 stainless steel scrap increased 1.7 percent to CNY 17,600 ($2,780) per metric ton. At CNY 18,300 ($2,890) per metric ton, the price of Chinese 304 stainless steel scrap was essentially unchanged. The price of Chinese 304 stainless coil remained essentially flat at CNY 18,300 ($2,890) per metric ton. Chinese 316 stainless coil held its value on Thursday at CNY 31,000 ($4,897) per metric ton.

The price of Chinese ferro-chrome saw essentially no change for the fifth day in a row, remaining around CNY 8,300 ($1,311) per metric ton. The price of Chinese ferro-moly saw little movement at CNY 145,000 ($22,906) per metric ton.

On the LME, the nickel 3-month price fell 0.9 percent to $16,900 per metric ton. The spot price of nickel saw a 0.9 percent decline on the LME to $16,875 per metric ton. After a 0.8 percent increase, Indian nickel cash price finished the day at INR 952 ($17) per kilogram.

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