Chinese Primary Nickel Climbs Out of Flat Spell

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On Jan. 4, 2013, the day’s biggest mover was the price of Chinese primary nickel, which saw a 2.0 percent increase to CNY 121,700 ($19,524) per metric ton. This increase comes after three straight days of stagnant prices. For the fifth day in a row, the price of Chinese 304 stainless steel scrap remained essentially flat at CNY 18,000 ($2,888) per metric ton. For the fifth consecutive day, the price of Chinese 316 stainless steel scrap held flat at CNY 16,600 ($2,663) per metric ton. The price of Chinese 304 stainless coil was unchanged at CNY 18,000 ($2,888) per metric ton. The price of Chinese 316 stainless coil continues hovering around CNY 26,900 ($4,315) per metric ton for the fifth day in a row.

The price of Chinese ferro-chrome held steady at CNY 8,300 ($1,332) per metric ton. The price of Chinese ferro-moly remained essentially flat at CNY 145,000 ($23,262) per metric ton.

On the LME, the 3-month price of nickel rose 0.8 percent to $17,590 per metric ton. On the LME, the nickel spot price rose 0.7 percent to $17,535 per metric ton. The Indian nickel cash price closed at INR 949.50 ($17.43) per kilogram. Following a couple days of improvement, prices fell by 0.5 percent.

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