Cash Price of Primary Indian Nickel Climbs Up the LME

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The Indian nickel cash price saw the biggest upwards shift for the day, rising 3.1 percent to close at INR 975.10 ($18.14) per kilogram on Jan. 30, 2013. On the LME, the spot price of nickel gained 1.1 percent to finish at $17,600 per metric ton. On the LME, the 3-month price of nickel increased 0.8 percent to $17,625 per metric ton.

Chinese stainless steel closed mixed yesterday. The price of Chinese ferro-chrome was unchanged at CNY 8,300 ($1,333) per metric ton. For the fifth consecutive day, the price of Chinese ferro-moly held flat at CNY 145,000 ($23,286) per metric ton.

The price of Chinese primary nickel inched up 1.7 percent to CNY 126,300 ($20,283) per metric ton. The price of Chinese 316 stainless steel scrap fell 0.6 percent on Wednesday to CNY 16,500 ($2,650) per metric ton after three straight days with no change. For the fifth day in a row, the price of Chinese 316 stainless coil remained essentially flat at CNY 26,600 ($4,272) per metric ton. The price of Chinese 304 stainless coil showed little movement on Wednesday at CNY 18,000 ($2,891) per metric ton. The price of Chinese 304 stainless steel scrap remained essentially flat at CNY 18,000 ($2,891) per metric ton.