Cash Price of Primary Indian Nickel Climbs Up the LME

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.

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