Cash Price of Primary Indian Nickel Lower

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The cash price of primary Indian nickel experienced the biggest price decline of the day, dropping 1.3 percent to close at INR 968.20 ($18.21) per kilogram on Feb. 7, 2013. The nickel 3-month price weakened by 0.6 percent on the LME, settling at $18,505 per metric ton. The spot price of nickel saw a 0.4 percent decline on the LME to $18,480 per metric ton.

Chinese stainless steel prices were flat for the day. The price of Chinese ferro-chrome remained essentially flat 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 ($23,274) per metric ton.

The price of Chinese 316 stainless coil was unchanged at CNY 27,000 ($4,334) per metric ton. The price of Chinese 304 stainless coil showed little movement yesterday at CNY 18,400 ($2,953) per metric ton. Chinese 316 stainless steel scrap saw little change in its price yesterday at CNY 16,700 ($2,681) per metric ton. The price of Chinese 304 stainless steel scrap remained essentially flat at CNY 18,400 ($2,953) per metric ton. The price of Chinese primary nickel showed little movement yesterday, hovering around CNY 130,700 ($20,979) per metric ton.