Cash Price of Primary Indian Nickel Improves 1.7%

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The Indian nickel cash price saw the biggest upwards shift for the day, rising 1.7 percent to close at INR 952.90 ($17.44) per kilogram on Jan. 16, 2013. On the LME, the 3-month price of nickel declined 1.3 percent to $17,220 per metric ton. The nickel spot price weakened by 1.0 percent on the LME, settling at $17,180 per metric ton.

Chinese stainless steel prices were mixed for the day. For the fifth consecutive day, the price of Chinese ferro-chrome held flat at CNY 8,300 ($1,336) per metric ton. The price of Chinese ferro-moly held steady at CNY 145,000 ($23,333) per metric ton.

The price of Chinese primary nickel inched up 0.3 percent to CNY 123,800 ($19,921) per metric ton. Following two days of downward movement, the price of Chinese 316 stainless coil held steady at CNY 26,600 ($4,280) per metric ton. The price of Chinese 304 stainless coil remained essentially flat at CNY 18,000 ($2,896) per metric ton. For the fifth consecutive day, the price of Chinese 316 stainless steel scrap held flat at CNY 16,600 ($2,671) per metric ton. The price of Chinese 304 stainless steel scrap held steady at CNY 18,000 ($2,896) per metric ton.

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