LME Nickel Spot Price Drifts on Stainless Steel Complex

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On July 23, 2012, the day’s biggest mover was the LME nickel spot price, which saw a 2.3 percent decline to $15,810 per metric ton. The nickel 3-month price saw a 1.7 percent decline on the LME to $15,895 per metric ton.

The Indian nickel cash price held steady between $10-20 per kilogram.

The Chinese stainless steel complex closed mixed yesterday. For the fifth day in a row, the prices of Chinese ferro-chrome and Chinese ferro-moly remained essentially flat.

The price of Chinese primary nickel fell 1.1 percent. The price of Chinese 316 stainless coil remained essentially flat below $4,700 per metric ton. The price of Chinese 304 stainless coil held steady in the mid-$2,800 per metric ton range.

Chinese 316 stainless steel scrap saw little change in its price on Monday, while Chinese 304 stainless steel scrap stayed flat at above $2,800 per metric ton.

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