Nickel 3-Month Price Rises 1.2%

At $18,660 per metric ton, the 3-month price of nickel moved up 1.2 percent on Feb. 5, 2013, making it the day’s biggest mover on the LME. The nickel spot price on the LME has been on the rise for 7 days and is now at $18,580 per metric ton. The Indian nickel cash price has been on the rise for 10 days and is now at INR 989.30 ($18.56) per kilogram.

Chinese stainless steel prices were flat for the day. The price of Chinese ferro-chrome saw little movement at CNY 8,300 ($1,332) per metric ton. For the fifth day in a row, the price of Chinese ferro-moly remained essentially flat at CNY 145,000 ($23,270) per metric ton.

The price of Chinese primary nickel showed little movement yesterday, hovering around CNY 131,100 ($21,039) per metric ton. The price of Chinese 316 stainless coil remained essentially flat at CNY 27,000 ($4,333) per metric ton. The price of Chinese 304 stainless coil showed little movement on Tuesday at CNY 18,400 ($2,953) per metric ton. At CNY 16,700 ($2,680) per metric ton, the price of Chinese 316 stainless steel scrap was essentially unchanged. The price of Chinese 304 stainless steel scrap remained steady at CNY 18,400 ($2,953) per metric ton.