Daily Stainless Steel Roundup: LME Nickel Price Takes Another Dive

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On the LME, the 3-month price of nickel fell 3.2 percent to $16,425 per metric ton on May 31, 2012. On the LME, the spot price of nickel fell 2.9 percent to $16,385 per metric ton.

The Indian nickel cash price gained 0.7 percent, while the price of Chinese primary nickel declined 1.8 percent.

Chinese stainless steel prices held pat on the day.

Closing in the mid-$2,800s per metric ton on May 31, Chinese 304 stainless steel scrap prices kept even. For the fifth day in a row, the price of Chinese 316 stainless steel scrap remained essentially flat at below $2,800 per metric ton. The price of Chinese 304 stainless coil held steady at above $2,800 per metric ton. Chinese 316 stainless coil saw little change in its price on Thursday, holding at below $4,800 per metric ton.

The price of Chinese ferro-chrome continued hovering above $1,300 per metric ton for the fifth day in a row, while the price of Chinese ferro-moly held steady in the mid $22,800s per metric ton.

 

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