Chinese 304 Stainless Steel Scrap Price Down 1.1%

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The price of Chinese 304 stainless steel scrap closed with a drop on Aug. 17, 2012, halting its three-day flat run with a 1.1 percent drift.

After three essentially changeless days, the price of Chinese 304 stainless coil dropped 1.1 percent last Friday while the price of Chinese primary nickel finished the market day up 0.5 percent per metric ton. The price of Chinese 316 stainless steel scrap held steady at above $2,600 per metric ton. The price of Chinese 316 stainless coil remained essentially flat as well.

The prices of Chinese ferro-chrome and ferro-moly saw essentially no change for the fifth day in a row.

The Indian nickel cash price increased 1.1 percent. On the LME, the 3-month price of nickel fell 0.4 percent to $15,255 per metric ton. The spot price of nickel weakened by 0.3 percent on the LME, settling at $15,185 per metric ton.

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