3-Month LME Nickel Price Rises on Daily Stainless and Raw Materials Index

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The 3-month price of nickel saw the biggest upwards shift for the day on our daily stainless steel price index, rising 2.3 percent on the LME to close at $17,125 per metric ton on June 21, 2012. At $17,035, the nickel spot price finished the market day on the LME up 2.2 percent per metric ton.

The Indian nickel cash price changed direction with a 0.5 percent drop, after two days of improving prices.

Chinese stainless steel and raw materials prices closed mixed yesterday.

The price of Chinese ferro-chrome continues hovering above $1,300 per metric ton, and the price of Chinese ferro-moly held steady at under $22,800 per metric ton. The price of Chinese primary nickel declined 1.6 percent.

For the fifth day in a row, the price of Chinese 316 stainless coil remained essentially flat at under $4,800 per metric ton. The price of Chinese 304 stainless coil saw little movement at north of $2,800 per metric ton.

The price of Chinese 316 stainless steel scrap remained essentially flat above $2,700 per metric ton. The price of Chinese 304 stainless steel scrap continues hovering above $2,800 per metric ton for the fifth day in a row.

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