Cash Price of Primary Indian Nickel Drops 1.9% After Short Rise

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Following two days of increases, the Indian nickel cash price dropped by 1.9 percent to end at INR 945.10 ($17.40) per kilogram on Dec. 13, 2012. After a 0.9 percent increase, the nickel spot price finished the day on the LME at $17,755 per metric ton. At $17,840, the nickel 3-month price finished the market day on the LME up 0.8 percent per metric ton.

Chinese stainless steel closed mixed on Thursday. The price of Chinese ferro-chrome held steady at CNY 8,300 ($1,327) per metric ton. For the fifth day in a row, the price of Chinese ferro-moly remained essentially flat at CNY 145,000 ($23,182) per metric ton.

Following a couple days of improvement, the price of Chinese primary nickel weakened by 1.6 percent. Prices closed at CNY 123,200 ($19,697) per metric ton. The price of Chinese 304 stainless coil fell 0.5 percent yesterday to CNY 18,100 ($2,894) per metric ton after three straight days with no change. After three essentially changeless days, the price of Chinese 304 stainless steel scrap dropped 0.5 percent yesterday to CNY 18,100 ($2,894) per metric ton. For the fifth consecutive day, the price of Chinese 316 stainless coil held flat at CNY 27,000 ($4,317) per metric ton. The price of Chinese 316 stainless steel scrap saw little movement at CNY 16,600 ($2,654) per metric ton.

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