Dropping 2.5 percent, the Indian nickel cash price was the biggest mover on July 16, 2012. On the LME, the spot price of nickel gained two percent to finish at $16,150 per metric ton. After falling for two days, the nickel 3-month price rose 0.7 percent on the LME to $16,195 per metric ton.
Chinese stainless steel prices were flat for the day. The price of Chinese ferro-chrome saw little movement, but fell below $1,300 per metric ton for the first time in ages. The price of Chinese ferro-moly continues hovering around below $22,700 per metric ton.
For the fifth day in a row, the price of Chinese 316 stainless coil remained essentially flat. The price of Chinese 304 stainless coil remained steady as well.
The price of Chinese 316 stainless steel scrap held pat between $2,500 and $3,000 per metric ton. The price of Chinese 304 stainless steel scrap showed little movement on Monday at above $2,800 per metric ton. The price of Chinese primary nickel flattened after two days of downward movement.