Chinese Primary Nickel Drops 2% After Flat Going

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The price of Chinese primary nickel closed Feb. 18, 2013 at CNY 128,100 ($20,558) per metric ton, halting its three-day flat run with a 2.0 percent drift. After remaining flat for three days, the price of Chinese 316 stainless steel scrap fell 1.8 percent last Friday to CNY 16,400 ($2,632) per metric ton. For the fifth consecutive day, the price of Chinese 304 stainless steel scrap held flat at CNY 18,400 ($2,953) per metric ton. The price of Chinese 304 stainless coil remained essentially flat at CNY 18,400 ($2,953) per metric ton. The price of Chinese 316 stainless coil was unchanged at CNY 27,000 ($4,333) per metric ton.

The price of Chinese ferro-chrome held steady at CNY 8,300 ($1,332) per metric ton. The price of Chinese ferro-moly continues hovering around CNY 145,000 ($23,271) per metric ton for the fifth day in a row.

The cash price of primary Indian nickel declined 1.1 percent to INR 973.50 ($17.95) per kilogram. The spot price of nickel fell 0.3 percent to $18,230 per metric ton last Friday on the LME after two days of no change. The 3-month price of nickel weakened by 0.3 percent on the LME, settling at $18,300 per metric ton.