Nickel 3-Month Price Decline After Improvement

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On Jan. 14, 2013, the day’s biggest mover was the 3-month price of nickel, which saw a 1.3 percent decline on the LME to $17,400 per metric ton. Following a couple days of improvement, the nickel spot price weakened by 1.2 percent on the LME. Prices closed at $17,320 per metric ton. The Indian nickel cash price inched up 0.4 percent to INR 948.30 ($17.32) per kilogram.

Chinese stainless steel prices were mixed for the day. The price of Chinese ferro-chrome was unchanged at CNY 8,300 ($1,335) per metric ton. For the fifth day in a row, the price of Chinese ferro-moly remained essentially flat at CNY 145,000 ($23,322) per metric ton.

Monday saw the price of Chinese 316 stainless coil drift down 0.4 percent to CNY 26,800 ($4,311) per metric ton after three quiet days. After a 0.3 percent increase, the price of Chinese primary nickel finished the day at CNY 123,700 ($19,896) per metric ton. The price of Chinese 304 stainless coil held steady at CNY 18,000 ($2,895) per metric ton. The price of Chinese 316 stainless steel scrap saw essentially no change for the fifth day in a row, remaining around CNY 16,600 ($2,670) per metric ton. For the fifth consecutive day, the price of Chinese 304 stainless steel scrap held flat at CNY 18,000 ($2,895) per metric ton.

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