The day’s biggest mover was Indian nickel cash price which dropped by three percent on June 1, 2012 to close at INR 895 ($15) per kilogram.
Following a two-day drop, the 3-month price of nickel increased by 0.3 percent on the LME to $16,470 per metric ton. After a couple of days of decreasing prices on the LME, the nickel spot price held steady at $16,370.
Chinese stainless steel closed mixed last Friday. The price of Chinese ferro-chrome saw essentially no change for the fifth day in a row, remaining around CNY 8,300 ($1,303) per metric ton. The price of Chinese ferro-moly was unchanged at CNY 145,000 ($22,768) per metric ton.
The price of Chinese primary nickel fell 1.4 percent to CNY 122,700 ($19,266) per metric ton. At CNY 30,400 ($4,773) per metric ton, the price of Chinese 316 stainless coil was essentially unchanged. The price of Chinese 304 stainless coil remained steady at CNY 18,100 ($2,842) per metric ton. For the fifth consecutive day, the price of Chinese 316 stainless steel scrap held flat at CNY 17,600 ($2,778) per metric ton. Chinese 304 stainless steel scrap saw little change in its price last Friday at CNY 18,100 ($2,842) per metric ton.