Chinese 304 Stainless Steel Scrap Climbs Out of Flat Spell

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 Strengthening prices ended a two-day flat streak as the price of Chinese 304 stainless steel scrap moved up by 2.2 percent on Feb. 1, 2013 to CNY 18,400 ($2,959) per metric ton. After two flat days, the price of Chinese 304 stainless coil inched up 2.2 percent last Friday to CNY 18,400 ($2,959). Chinese 316 stainless steel scrap saw its price rise 1.2 percent to CNY 16,700 ($2,685) per metric ton. Following a two-day rise, the price of Chinese primary nickel flattened at CNY 128,500 ($20,663). The price of Chinese 316 stainless coil remained steady at CNY 27,000 ($4,342) per metric ton.

The price of Chinese ferro-chrome was unchanged at CNY 8,300 ($1,335) per metric ton. For the fifth consecutive day, the price of Chinese ferro-moly held flat at CNY 145,000 ($23,316) per metric ton.

On the LME, the 3-month price of nickel gained 1.2 percent to finish at $18,460 per metric ton. After a 0.9 percent increase, the spot price of nickel finished the day on the LME at $18,370 per metric ton. The Indian nickel cash price has been on the rise for 7 days and is now at INR 980.00 ($18.41) per kilogram.