Nickel Spot Price Switches Direction

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Following two days of increases on the LME, the spot price of nickel dropped by 1.3 percent 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. The cash price of primary Indian nickel fell 0.3 percent to INR 946.30 ($17.18) per kilogram.

Chinese stainless steel closed mixed yesterday. For the fifth day in a row, the price of Chinese ferro-chrome remained essentially flat at CNY 8,300 ($1,332) per metric ton. The price of Chinese ferro-moly saw little movement at CNY 145,000 ($23,269) per metric ton.

The price of Chinese primary nickel increased 0.4 percent to CNY 122,200 ($19,610) per metric ton. For the fifth consecutive day, the price of Chinese 316 stainless coil held flat at CNY 26,900 ($4,317) per metric ton. The price of Chinese 304 stainless coil remained essentially flat at CNY 18,000 ($2,889) per metric ton. The price of Chinese 316 stainless steel scrap saw little movement at CNY 16,600 ($2,664) per metric ton. The price of Chinese 304 stainless steel scrap continues hovering around CNY 18,000 ($2,889) per metric ton for the fifth day in a row.

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