Weakening prices changed direction when the nickel 3-month price rose 1.1 percent on July 9, 2012 on the LME to $17,175 per metric ton, making it the biggest mover on MetalMiner’s daily stainless steel and raw materials inputs index.
The spot price of nickel is back up, rising by 1.1 percent on the LME yesterday to close at $17,100 per metric ton, while the cash price of Indian primary nickel fell 0.2 percent.
Other stainless steel inputs saw movement as well.
Chinese stainless steel closed mixed on Monday. The price of Chinese ferro-chrome continues hovering above $1,300 per metric ton for the fifth day in a row. The price of Chinese ferro-moly saw essentially no change for the fifth day in a row, remaining below $23,000 per metric ton.
The price of Chinese primary nickel finished the day with a 0.7 percent increase.
For the fifth consecutive day, the price of Chinese 316 stainless coil held flat just south of $4,700 per metric ton. For the fifth day in a row, the price of Chinese 304 stainless coil remained essentially flat.
The price of Chinese 316 stainless steel scrap was unchanged at below $2,700 per metric ton. The price of Chinese 304 stainless steel scrap held steady on July 9.