Stainless Steel Market Roundup: Chinese Nickel Drifts Downwards

The price of Chinese primary nickel saw a 0.9 percent drop on May 29, 2012, making it the biggest mover of the day on stainless steel and its raw materials inputs markets.

Chinese ferro-chrome continues hovering around $1,300 per metric ton, while for the fifth consecutive day, the price of Chinese ferro-moly held flat at above $22,900 per metric ton.

Meanwhile, the Chinese stainless steel market looked pretty solid.

Chinese 304 stainless steel scrap held its value yesterday at between $2,850 and $2,875 per metric ton. The price of Chinese 316 stainless steel scrap showed little movement yesterday, holding below $2,800 per metric ton.

The price of Chinese 304 stainless coil remained essentially flat at south of $2,900 per metric ton. The price of Chinese 316 stainless coil showed little movement yesterday at above $4,800 per metric ton.

After a 0.1 percent increase, the LME 3-month price of nickel finished the day at $17,075 per metric ton. The spot price of nickel ended a two-day climb, settling at $16,975 per metric ton on the LME.

After dropping for two days, the cash price of primary Indian nickel flattened at below $17 per kilogram.

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