Chinese 304 Stainless Steel Scrap Drops

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On May 30, 2012, after two changeless days, the price of Chinese 316 stainless coil fell one percent to CNY 30,400 ($4,800) per metric ton. At CNY 126,800 ($20,023), the price of Chinese primary nickel finished the market day up 0.6 percent per metric ton. The price of Chinese 304 stainless coil closed Wednesday at CNY 18,100 ($2,858) per metric ton, halting its two-day flat run with a 0.5 percent decline. Chinese 316 stainless steel scrap stayed flat at around CNY 17,600 ($2,778) per metric ton.

The price of Chinese ferro-chrome saw little movement at CNY 8,300 ($1,310) per metric ton. The price of Chinese ferro-moly continues hovering around CNY 145,000 ($22,898) per metric ton for the fifth day in a row.

Indian nickel cash price declined 2.2 percent to INR 917 ($16) per kilogram. The 3-month price of nickel closed at $16,960 per metric ton. Following a couple days of improvement, the metal’s price weakened by 0.7 percent on the LME. The nickel spot price saw a 0.6 percent decline on the LME to $16,880 per metric ton.

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