Chinese Primary Nickel Price Drifts on Stainless Price Index

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With a decline of 1.2 percent on July 18, 2012, the price of Chinese primary nickel recorded the biggest shift of the day on stainless and raw material inputs markets.

At $16,200, the 3-month price of nickel finished the market day on the LME up 1.2 percent per metric ton. Also on the LME, the nickel spot price rose 0.9 percent to $16,100 per metric ton. The cash price of primary Indian nickel, however, saw a 0.5 percent decline.

China stainless steel and other raw material input prices were relatively quiet.

The price of Chinese 304 stainless steel scrap showed little movement yesterday, holding north of $2,800 per metric ton. Chinese 316 stainless steel scrap saw little change in its price yesterday.

Chinese 304 stainless coil held its value on Wednesday, also above $2,800 per metric ton. The price of Chinese 316 stainless coil saw essentially no change for the fifth day in a row, remaining below $4,700 per metric ton.

The price of Chinese ferro-chrome saw little movement, while the price of Chinese ferro-moly continues hovering below $23,000 per metric ton for the fifth day in a row.

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