Chinese Primary Nickel Shifts Up 2.1%

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With a 2.1 percent increase over the past day, the price of Chinese primary nickel was the biggest mover, closing at CNY 131,200 ($21,097) per metric ton on Feb. 4, 2013. The price of Chinese 304 stainless steel scrap remained steady at CNY 18,400 ($2,959) per metric ton. The price of Chinese 316 stainless steel scrap held steady at CNY 16,700 ($2,685) per metric ton. The price of Chinese 304 stainless coil showed little movement on Monday at CNY 18,400 ($2,959) per metric ton. The price of Chinese 316 stainless coil remained steady at CNY 27,000 ($4,342) per metric ton.

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

The Indian nickel cash price has been on the rise for 9 days and is now at INR 984.80 ($18.50) per kilogram. The 3-month price of nickel ended a two-day climb, settling at $18,445 per metric ton on the LME. After a couple of days of improving prices on the LME, the nickel spot price held steady at $18,375.