Chinese 304 Stainless Steel Scrap Drops 2.2% After Flat

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The day’s biggest mover broke away from a static phase with a 2.2 percent drop on Feb. 20, 2013. After three changeless days, the price of Chinese 304 stainless steel scrap closed at CNY 18,000 ($2,882) per metric ton. After remaining flat for three days, the price of Chinese 304 stainless coil fell 2.2 percent yesterday to CNY 18,000 ($2,882) per metric ton. The price of Chinese primary nickel saw a 2.0 percent decline to CNY 123,800 ($19,825) per metric ton. Chinese 316 stainless steel scrap gained 1.8 percent to finish at CNY 16,700 ($2,674) per metric ton. After holding steady for the past few days, the price of Chinese 316 stainless coil fell 0.7 percent, closing at CNY 26,800 ($4,292) per metric ton.

For the fifth consecutive day, the price of Chinese ferro-chrome held flat 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 ($23,220) per metric ton.

On the LME, the nickel spot price fell 2.0 percent to $17,580 per metric ton. On the LME, the 3-month price of nickel declined 1.8 percent to $17,675 per metric ton. The cash price of primary Indian nickel weakened by 1.7 percent, settling at INR 938.00 ($17.31) per kilogram.