Global Nickel Markets Seeing Price Drops

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The cash price of primary Indian nickel saw a 0.9 percent drop on July 11, 2012, making it the biggest mover of the day on our daily stainless steel price index.

The spot price of nickel weakened by 0.4 percent on the LME, settling at $16,175 per metric ton. On the LME, the nickel 3-month price fell 0.3 percent to $16,225 per metric ton.

Chinese stainless steel prices were mixed for the day.

The price of Chinese ferro-chrome remained essentially flat above $1,300 per metric ton, and for the fifth day in a row, the price of Chinese ferro-moly held pat as well. The price of Chinese primary nickel saw a 0.8 percent decline yesterday.

For the fifth consecutive day, the price of Chinese 316 stainless coil held flat below $4,700 per metric ton. The price of Chinese 304 stainless coil showed little movement yesterday, and the price of Chinese 316 stainless steel scrap remained steady.

At below $2,900 per metric ton, the price of Chinese 304 stainless steel scrap was essentially unchanged.

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