Cash Price of Primary Indian Nickel Improves 0.3%

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The cash price of primary Indian nickel saw the biggest increase at 0.3 percent, finishing at INR 979.00 ($18.30) per kilogram for Feb. 11, 2013. After dropping for two days on the LME, the spot price of nickel flattened at $18,220. Following two days of downward movement, the 3-month price of nickel held steady at $18,290 per metric ton on the LME.

Chinese stainless steel prices were flat for the day. The price of Chinese ferro-chrome continues hovering around CNY 8,300 ($1,327) per metric ton for the fifth day in a row. The price of Chinese ferro-moly held steady at CNY 145,000 ($23,188) per metric ton.

The price of Chinese 316 stainless coil saw essentially no change for the fifth day in a row, remaining around CNY 27,000 ($4,318) per metric ton. The price of Chinese 304 stainless coil was unchanged at CNY 18,400 ($2,942) per metric ton. For the fifth consecutive day, the price of Chinese 316 stainless steel scrap held flat at CNY 16,700 ($2,671) per metric ton. The price of Chinese 304 stainless steel scrap was unchanged at CNY 18,400 ($2,942) per metric ton. The price of Chinese primary nickel held steady around CNY 130,700 ($20,901) per metric ton.