Chinese 316 Stainless Coil Falls, So Do Nickel Prices

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The price of Chinese 316 stainless coil fell 1 percent on Aug. 28, 2012, making it the day’s biggest mover on MetalMiner’s index of stainless steel and raw material input prices.

The price of Chinese 316 stainless steel scrap rose by 0.6 percent after a three-day flat streak. The price of Chinese 304 stainless steel scrap was essentially unchanged. The price of Chinese 304 stainless coil remained steady below $2,800 per metric ton.

The price of Chinese ferro-chrome saw little movement, remaining above $1,300 per metric ton. The price of Chinese ferro-moly held steady north of $22,800 per metric ton.

Weakening prices followed two days of improvement as the price of Chinese primary nickel dropped 0.6 percent.The Indian nickel cash price saw a 0.6 percent decline as well. After a couple of days of improving prices on the LME, the nickel 3-month price held steady at $18,545 per metric ton. The LME nickel spot price steadied at $16,425 per metric ton following two days of increases.

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