Cash Price of Primary Indian Nickel Switches Direction

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The cash price of primary Indian nickel fell 0.8 percent on Feb. 6, 2013 to INR 981.30 ($18.47) per kilogram, making it the day’s biggest mover. The nickel 3-month price saw a 0.2 percent decline on the LME to $18,625 per metric ton. On the LME, the nickel spot price fell 0.1 percent to $18,560 per metric ton.

Chinese stainless steel closed mixed on Wednesday. For the fifth consecutive day, the price of Chinese ferro-chrome held flat at CNY 8,300 ($1,332) per metric ton. The price of Chinese ferro-moly remained essentially flat at CNY 145,000 ($23,279) per metric ton.

The price of Chinese primary nickel declined 0.3 percent to CNY 130,700 ($20,983) per metric ton. The price of Chinese 316 stainless coil held steady at CNY 27,000 ($4,335) per metric ton. The price of Chinese 304 stainless coil showed little movement on Wednesday at CNY 18,400 ($2,954) per metric ton. The price of Chinese 316 stainless steel scrap remained steady at CNY 16,700 ($2,681) per metric ton. At CNY 18,400 ($2,954) per metric ton, the price of Chinese 304 stainless steel scrap was essentially unchanged.