Following two days of increases, the cash price of primary Indian nickel dropped by 2.4 percent on Aug. 1, 2012.
On the LME, the 3-month price of nickel declined 1.4 percent to $16,010 per metric ton. The spot price of nickel saw a 0.1 percent decline on the LME to $15,995 per metric ton.
*Check in with MetalMiner next Monday, Aug. 6 for a stainless steel and nickel price outlook.
Meanwhile, Chinese stainless steel closed mixed yesterday.
The price of Chinese 316 stainless coil held steady above $4,500 per metric ton. Chinese 304 stainless coil held its value on Wednesday as well.
For the fifth consecutive day, the price of Chinese 316 stainless steel scrap held flat above $2,600 per metric ton. The price of Chinese 304 stainless steel scrap was essentially unchanged.
Finally, the price of Chinese primary nickel declined 0.9 percent after two days of improvement.