Rising 3.5 percent to close at $18,240 per metric ton, the 3-month price of nickel experienced the biggest change on the LME for Jan. 31, 2013. The spot price of nickel experienced a big shift yesterday, gaining 3.4 percent on the LME to finish at $18,200 per metric ton. The Indian nickel cash price increased 0.4 percent to INR 979.10 ($18.37) per kilogram.
Chinese stainless steel prices were mixed for the day. The price of Chinese ferro-chrome saw essentially no change for the fifth day in a row, remaining around CNY 8,300 ($1,334) per metric ton. The price of Chinese ferro-moly saw little movement at CNY 145,000 ($23,310) per metric ton.
The price of Chinese primary nickel inched up 1.7 percent to CNY 128,500 ($20,658) per metric ton. Closing out a three-day flat streak, the price of Chinese 316 stainless coil moved up 1.5 percent to CNY 27,000 ($4,340) per metric ton. The price of Chinese 304 stainless coil remained essentially flat at CNY 18,000 ($2,894) per metric ton. At CNY 16,500 ($2,653) per metric ton, the price of Chinese 316 stainless steel scrap was essentially unchanged. Chinese 304 stainless steel scrap saw little change in its price on Thursday at CNY 18,000 ($2,894) per metric ton.