LME Nickel 3-Month Price Drifts Down, Chinese Stainless Prices Steady
Dropping one percent on the LME, the 3-month price of nickel was the biggest mover on our daily stainless steel price index on June 18, 2012, closing at $16,650 per metric ton. The nickel spot price saw a 0.9 percent decline on the LME to $16,605 per metric ton.
Meanwhile, the cash price of primary Indian nickel declined 0.2 percent, while the price of Chinese primary nickel inched up 0.2 percent.
Chinese stainless steel prices and ferro alloy inputs remained even.
The price of Chinese ferro-chrome continues hovering around $1,300 per metric ton, and the price of Chinese ferro-moly was unchanged in the high $22,000s per metric ton.
For the fifth day in a row, the price of Chinese 316 stainless coil remained essentially flat above $4,700 per metric ton. The price of Chinese 304 stainless coil saw little movement at above $2,800 per metric ton.
Chinese 316 stainless steel scrap saw little change in its price yesterday at north of $2,700 per metric ton. For the fifth consecutive day, the price of Chinese 304 stainless steel scrap held flat above $2,800 per metric ton.
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