The 3-month price of nickel saw a two percent drop on the LME on June 15, 2012, landing at $16,825 per metric ton and making it the biggest mover of the day on our stainless steel price index. On the LME, the spot price of nickel declined 1.9 percent to $16,750 per metric ton. Meanwhile, the Indian nickel cash price fell one percent.
However, Chinese stainless steel closed mixed last Friday.
The price of Chinese ferro-chrome held steady, and the Chinese ferro-moly price saw little movement at CNY 145,000 ($22,917) per metric ton.
The price of Chinese primary nickel rose 1.3 percent, while Chinese 316 stainless steel scrap stayed flat. The price of Chinese 316 stainless coil was unchanged at above $4,800 per metric ton. For the fifth consecutive day, the price of Chinese 304 stainless coil held flat at CNY 17,900 ($2,829) per metric ton. The price of Chinese 304 stainless steel scrap held steady at CNY 17,900 ($2,829) per metric ton.