Spot Price of Nickel Gaining Again

The nickel spot price rose 2.0 percent on Jan. 3, 2013, making it the day’s biggest mover. After two days of flat prices on the LME, it closed at $17,420 per metric ton. On the LME, the 3-month price of nickel rose 1.7 percent to $17,450 per metric ton. At INR 954.30 ($17.56), the Indian nickel cash price finished the market day up 0.8 percent per kilogram.

Chinese stainless steel prices closed flat for the day. The price of Chinese ferro-chrome continues hovering around CNY 8,300 ($1,331) per metric ton for the fifth day in a row. The price of Chinese ferro-moly was unchanged at CNY 145,000 ($23,257) per metric ton.

The price of Chinese 316 stainless coil saw essentially no change for the fifth day in a row, remaining around CNY 26,900 ($4,315) per metric ton. The price of Chinese 304 stainless coil remained essentially flat at CNY 18,000 ($2,887) per metric ton. The price of Chinese 316 stainless steel scrap continues hovering around CNY 16,600 ($2,663) per metric ton for the fifth day in a row. The price of Chinese 304 stainless steel scrap held steady at CNY 18,000 ($2,887) per metric ton. The price of Chinese primary nickel remained essentially flat at CNY 119,300 ($19,135) per metric ton.