Cash Price of Primary Indian Nickel Drifts Downwards

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With a decline of 2.0 percent to INR 954.50 ($17.62) per kilogram on Feb. 19, 2013, the cash price of primary Indian nickel recorded the biggest decline of the day. On the LME, the spot price of nickel fell 1.6 percent to $17,930 per metric ton. The nickel 3-month price saw a 1.6 percent decline on the LME to $18,005 per metric ton.

Chinese stainless steel prices were mixed for the day. The price of Chinese ferro-chrome saw little movement at CNY 8,300 ($1,329) per metric ton. The price of Chinese ferro-moly saw essentially no change for the fifth day in a row, remaining around CNY 145,000 ($23,224) per metric ton.

The price of Chinese primary nickel fell 1.4 percent to CNY 126,300 ($20,229) per metric ton. For the fifth day in a row, the price of Chinese 316 stainless coil remained essentially flat at CNY 27,000 ($4,324) per metric ton. For the fifth consecutive day, the price of Chinese 304 stainless coil held flat at CNY 18,400 ($2,947) per metric ton. The price of Chinese 316 stainless steel scrap remained steady at CNY 16,400 ($2,627) per metric ton. For the fifth day in a row, the price of Chinese 304 stainless steel scrap remained essentially flat at CNY 18,400 ($2,947) per metric ton.