316 Stainless Steel Price Down, Nickel Spot Price Drops Too

The nickel spot price experienced the biggest price decline of the day, dropping 3.3 percent on the LME to close at $16,180 per metric ton on Oct. 24, 2012.

A $525.00 decline in the 3-month price of nickel on the LME left the price at $16,285 per metric ton.

The Indian nickel cash price rose 0.7 percent after a two-day drop.

Chinese stainless steel prices were mixed for the day.

The price of Chinese 316 stainless coil declined 0.7 percent. Chinese 304 stainless coil stayed flat, as did 304 and 316 stainless steel scrap prices.

As far as Chinese raw materials inputs go, the price of Chinese primary nickel fell 2.3 percent. The price of Chinese ferro-chrome was unchanged. For the fifth day in a row, the price of Chinese ferro-moly remained essentially flat.