Spot Price of Nickel Rises More Than 2%

On Sept. 11, 2012, the day’s biggest mover on our stainless price index was the spot price of nickel, which saw a 2.3 percent increase on the LME to $16,520 per metric ton. After a 2 percent increase, the nickel 3-month price finished the day on the LME at $16,575 per metric ton.

The cash price of primary Indian nickel increased 0.9 percent.

Chinese stainless steel prices were mixed for the day. The price of Chinese ferro-chrome saw essentially no change for the fifth day in a row, while the price of Chinese ferro-moly held steady below $22,900 per metric ton. The price of Chinese primary nickel saw a 0.2 percent decline.

Chinese 316 stainless coil stayed flat below $4,500 per metric ton. The price of Chinese 304 stainless coil remained essentially flat above $2,800 per metric ton.

For the fifth consecutive day, the price of Chinese 316 stainless steel scrap held flat above $2,600 per metric ton. At above $2,800 per metric ton, the price of Chinese 304 stainless steel scrap was essentially unchanged.

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