Cash Price of Primary Indian Nickel Lower

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The Indian nickel cash price saw the biggest decline of the day, dropping 0.9 percent to close at INR 931.00 ($17.34) per kilogram on Jan. 24, 2013. At $17,475, the spot price of nickel finished the market day on the LME up 0.6 percent per metric ton. Following a two-day drop, the nickel 3-month price increased by 0.5 percent on the LME to $17,500 per metric ton.

Chinese stainless steel prices closed flat for the day. The price of Chinese ferro-chrome was unchanged at CNY 8,300 ($1,334) per metric ton. The price of Chinese ferro-moly remained essentially flat at CNY 145,000 ($23,302) per metric ton.

The price of Chinese 316 stainless coil continues hovering around CNY 26,600 ($4,275) per metric ton for the fifth day in a row. The price of Chinese 304 stainless coil saw essentially no change for the fifth day in a row, remaining around CNY 17,900 ($2,877) per metric ton. The price of Chinese 316 stainless steel scrap held steady at CNY 16,600 ($2,668) per metric ton. For the fifth consecutive day, the price of Chinese 304 stainless steel scrap held flat at CNY 17,900 ($2,877) per metric ton. The price of Chinese primary nickel remained essentially flat at CNY 123,700 ($19,879) per metric ton.

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