The day’s biggest mover on our stainless price index was the 3-month price of LME nickel which dropped by 2 percent on Oct. 29, 2012 to close at $16,095 per metric ton. The nickel spot price declined 1.9 percent on the LME to $16,095 per metric ton, after two days of improvement.
The cash price of primary Indian nickel weakened by 1.1 percent.
After a few days of little change, the price of Chinese 316 stainless steel scrap inched up 0.6 percent. Chinese 316 stainless coil saw little change in its price yesterday; the same can be said for Chinese 304 stainless coil and Chinese 304 stainless steel scrap.
The price of Chinese primary nickel fell 0.9 percent.
The price of Chinese ferro-chrome saw little movement, and the price of Chinese ferro-moly continues hovering in place for the fifth day in a row.