Small Drift for Spot Price of Nickel

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On Feb. 8, 2013, the spot price of nickel fell by 1.4 percent on the LME, landing at $18,215 per metric ton and making it the day’s biggest mover. The 3-month price of nickel saw a 1.1 percent decline on the LME to $18,295 per metric ton. Following a 0.8 percent rise last Friday, the Indian nickel cash price closed at INR 975.90 ($18.34) per kilogram.

Chinese stainless steel prices were flat for the day. For the fifth consecutive day, the price of Chinese ferro-chrome held flat at CNY 8,300 ($1,331) per metric ton. The price of Chinese ferro-moly continues hovering around CNY 145,000 ($23,260) per metric ton for the fifth day in a row.

The price of Chinese 316 stainless coil saw little movement at CNY 27,000 ($4,331) per metric ton. The price of Chinese 304 stainless coil saw essentially no change for the fifth day in a row, remaining around CNY 18,400 ($2,952) per metric ton. The price of Chinese 316 stainless steel scrap remained essentially flat at CNY 16,700 ($2,679) per metric ton. The price of Chinese 304 stainless steel scrap was unchanged at CNY 18,400 ($2,952) per metric ton. The price of Chinese primary nickel saw little change in its price last Friday at CNY 130,700 ($20,966) per metric ton.