Nickel 3-Month Price Turns Around After Two-Day Fall

Following a two-day decline on the LME, the 3-month price of nickel climbed up 1.9 percent to end at $17,400 per metric ton on Dec. 11, 2012. The nickel spot price rose 1.8 percent on the LME to $17,325 per metric ton after a two-day drop. The Indian nickel cash price rose 1.5 percent to INR 956.10 ($17.54) per kilogram.

Chinese stainless steel prices were mixed for the day. The price of Chinese ferro-chrome saw little movement at CNY 8,300 ($1,330) per metric ton. The price of Chinese ferro-moly was unchanged at CNY 145,000 ($23,233) per metric ton.

The price of Chinese primary nickel increased 1.9 percent to CNY 124,300 ($19,916) per metric ton. The price of Chinese 316 stainless coil remained essentially flat at CNY 27,000 ($4,326) per metric ton. The price of Chinese 304 stainless coil held steady at CNY 18,200 ($2,916) per metric ton. At CNY 16,600 ($2,660) per metric ton, the price of Chinese 316 stainless steel scrap was essentially unchanged. The price of Chinese 304 stainless steel scrap continues hovering around CNY 18,200 ($2,916) per metric ton for the fifth day in a row.