LME Nickel Suffers

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On the LME, the 3-month price of nickel fell 3.2 percent to $16,425 per metric ton. On the LME, the spot price of nickel fell 2.9 percent to $16,385 per metric ton. Indian nickel cash price gained 0.7 percent to finish at INR 923 ($16) per kilogram.

Closing at CNY 18,100 ($2,852) per metric ton on May 31, 2012, Chinese 304 stainless steel scrap kept even. The price of Chinese primary nickel declined 1.8 percent to CNY 124,500 ($19,621) per metric ton. For the fifth day in a row, the price of Chinese 316 stainless steel scrap remained essentially flat at CNY 17,600 ($2,778) per metric ton. The price of Chinese 304 stainless coil held steady at CNY 18,100 ($2,852) per metric ton. Chinese 316 stainless coil saw little change in its price on Thursday at CNY 30,400 ($4,791) per metric ton.

The price of Chinese ferro-chrome continues hovering around CNY 8,300 ($1,308) per metric ton for the fifth day in a row. The price of Chinese ferro-moly held steady at CNY 145,000 ($22,852) per metric ton.

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