Weakening prices changed direction when the cash price of primary Indian nickel rose 2.4 percent on Oct. 18, 2012, on our daily stainless price index.
The nickel 3-month price on the LME has been on the decline for 8 days and is now at $16,875 per metric ton. The nickel spot price on the LME has been on the decline for 8 days also and is now at $16,800 per metric ton.
Chinese stainless steel and its raw material input prices were mixed for the day.
The price of Chinese ferro-chrome held steady, the price of Chinese ferro-moly saw essentially no change for the fifth day in a row, and following a 0.2 percent rise yesterday, the price of Chinese primary nickel closed up.
For the fifth day in a row, the prices of Chinese 304 and 316 stainless coil and scrap remained essentially flat.