The price of Chinese primary nickel saw a 6.3 percent increase on June 25, 2012, making it the biggest mover for the day on our index tracking stainless steel and raw materials inputs.
Following suit, the price of Chinese 316 stainless steel scrap shifted down 1.7 percent after three quiet days. The price of Chinese 304 stainless steel scrap held steady at above $2,800 per metric ton.
The price of Chinese 304 stainless coil saw essentially no change for the fifth day in a row, and the price of Chinese 316 stainless coil saw little movement, holding south of $4,800 per metric ton.
Nickel prices in other markets moved too.
A decline in the nickel 3-month price on the LME left the price at $16,300 per metric ton. The spot price of nickel was off by three percent on the LME yesterday. The cash price of primary Indian nickel fell 0.4 percent.
The price of Chinese ferro-chrome remained essentially flat above $1,300 per metric ton, while the price of Chinese ferro-moly was unchanged.