3-Month Price of Nickel Down

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On Jan. 8, 2013, the 3-month price of nickel fell by 0.7 percent on the LME, landing at $17,285 per metric ton and making it the day’s biggest mover. On the LME, the nickel spot price fell 0.5 percent to $17,210 per metric ton. Following a 0.2 percent rise on Tuesday, the cash price of primary Indian nickel closed at INR 948.50 ($17.18) per kilogram.

Chinese stainless steel prices were mixed for the day. The price of Chinese ferro-chrome was unchanged at CNY 8,300 ($1,332) per metric ton. The price of Chinese ferro-moly held steady at CNY 145,000 ($23,272) per metric ton.

The price of Chinese primary nickel closed at CNY 122,000 ($19,580) per metric ton. Following a couple days of improvement, prices fell by 0.2 percent. 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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