3-Month Price of Nickel Up After Two-Day Decline

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The 3-month price of nickel closed up Jan. 10, 2013 at $17,525 per metric ton, halting two days of weakening prices on the LME with a 1.9 percent shift. After falling for two days, the nickel spot price rose 1.7 percent on the LME to $17,435 per metric ton. Following a two-day rise, the Indian nickel cash price flattened at INR 957.90 ($17.49).

Chinese stainless steel closed mixed yesterday. For the fifth consecutive day, the price of Chinese ferro-chrome held flat at CNY 8,300 ($1,333) per metric ton. The price of Chinese ferro-moly remained essentially flat at CNY 145,000 ($23,289) per metric ton.

After a 0.9 percent increase, the price of Chinese primary nickel finished the day at CNY 123,300 ($19,803) 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 ($4,320) per metric ton. For the fifth day in a row, the price of Chinese 304 stainless coil remained essentially flat at CNY 18,000 ($2,891) per metric ton. The price of Chinese 316 stainless steel scrap saw little movement at CNY 16,600 ($2,666) per metric ton. The price of Chinese 304 stainless steel scrap was unchanged at CNY 18,000 ($2,891) per metric ton.

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