Chinese 316 Stainless Coil Down 2.3% After Flat Spell

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Following a three-day flat streak, the price of Chinese 316 stainless coil dropped by 2.3 percent on July 24, 2012.

The price of Chinese 316 stainless steel scrap moved on Tuesday as well. After a few changeless days, prices dropped 0.6 percent. The price of Chinese 304 stainless steel scrap halted its two-day flat run with a 0.5 percent decline. After two changeless days, the price of Chinese 304 stainless coil fell 0.5 percent too.

After a couple of days of decreasing prices, the price of Chinese primary nickel held steady at above $18,000 per metric ton.

On the LME, the nickel 3-month price declined 1.7 percent to $15,625 per metric ton. The spot price of nickel saw a 1.1 percent decline on the LME to $15,630 per metric ton. The Indian nickel cash price rose 0.2 percent.

The price of Chinese ferro-chrome held steady below the $1,300 per metric ton threshold. The price of Chinese ferro-moly saw little movement yesterday.

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