Chinese Primary Nickel Improves Slightly

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With a 1.3 percent increase over the past day, the price of Chinese primary nickel was the biggest mover on the daily stainless steel index, closing at $19,200 per metric ton on June 29, 2012. The price of Chinese 316 stainless steel scrap fell 0.6 percent last Friday, after three straight days with no change. On the tail of a three-day flat streak, the price of Chinese 304 stainless coil rose by 0.6 percent. Chinese 304 stainless steel scrap fell 0.6 percent last Friday. The price of Chinese 316 stainless coil held steady.

The price of Chinese ferrochrome saw little movement. For the fifth day in a row, the price of Chinese ferromoly remained essentially flat as well.

Following a 1.3 percent rise last Friday, the nickel 3-month price closed on the LME at $16,425 per metric ton. Following a two-day drop, the spot price of nickel increased by 1.1 percent on the LME to $16,360 per metric ton. The Indian nickel cash price saw a 0.4 percent decline.

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