With a decline of 1.2 percent on the LME to $15,400 per metric ton on August 6, 2012, the 3-month price of nickel recorded the biggest decline of the day on our stainless steel and raw materials inputs index. Also on the LME, the nickel spot price fell 0.6 percent to $15,375 per metric ton.
The cash price of primary Indian nickel weakened by 0.7 percent.
Chinese stainless steel and raw material inputs closed mixed yesterday.
The price of Chinese ferro-chrome remained essentially flat above $1,300 per metric ton. For the fifth consecutive day, the price of Chinese ferro-moly held flat below $22,800 per metric ton. Following a two-day drop, the price of Chinese primary nickel increased by one percent.
After remaining flat for three days, the price of Chinese 304 stainless coil fell 0.6 percent yesterday. After three essentially changeless days, the price of Chinese 304 stainless steel scrap dropped 0.6 percent as well.
The price of Chinese 316 stainless coil continues hovering above $4,500 per metric ton for the fifth day in a row. The price of Chinese 316 stainless steel scrap saw little movement, north of $2,600 per metric ton.