Following two days of increases on the LME, the spot price of nickel dropped by 1.3 percent on the stainless price index to end at $17,300 per metric ton on Jan. 7, 2013.
Weakening prices followed two days of improvement as the nickel 3-month price dropped 1.1 percent on the LME to $17,400 per metric ton.
Chinese 304 and 316 stainless steel coil and scrap prices closed flat again yesterday.
For the fifth day in a row, the price of Chinese ferro-chrome remained essentially flat. The price of Chinese ferro-moly saw little movement.