The day’s biggest mover on stainless steel and raw materials markets was the Indian nickel cash price, which dropped by 3 percent on June 1, 2012.
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 prices closed mixed last Friday. The price of Chinese ferro-chrome saw essentially no change for the fifth day in a row, while the price of Chinese ferro-moly was unchanged at below $22,800 per metric ton.
The price of Chinese primary nickel fell 1.4 percent.
At below $4,800 per metric ton, the price of Chinese 316 stainless coil was essentially unchanged. The price of Chinese 304 stainless coil remained steady. For the fifth consecutive day, the price of Chinese 316 stainless steel scrap held flat, while Chinese 304 stainless steel scrap saw little change in its price last Friday.