LME Spot Price Of Nickel Up Again, Chinese 304 Stainless and Scrap Drop

The biggest change on Aug. 20, 2012, came when the nickel spot price shot out of a two-day slump with a 1.6 percent improvement on the LME to close at $15,430 per metric ton. After falling for two days, the nickel 3-month price rose 1.6 percent on the LME to $15,500 per metric ton.

The Indian nickel cash price fell 0.6 percent.

Chinese stainless steel and raw materials prices closed mixed yesterday.

For the fifth consecutive day, the price of Chinese ferro-chrome held flat above $1,300 per metric ton. The price of Chinese ferro-moly saw essentially no change for the fifth day in a row, remaining below $22,800 per metric ton.

The price of Chinese 316 stainless coil rose by one percent after a three-day flat streak. Chinese 304 stainless coil prices, meanwhile, saw a 0.6 percent decline. The price of Chinese 304 stainless steel scrap also dropped 0.6 percent.

The price of Chinese 316 stainless steel scrap was unchanged, holding north of $2,600 per metric ton. The price of Chinese primary nickel remained essentially flat below $17,700 per metric ton.

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