Loss Streak for Nickel Spot Price

With a decline of 2.6 percent on the LME to $16,750 per metric ton on Feb. 22, 2013, the spot price of nickel recorded the biggest decline of the day. The 3-month price of nickel on the LME has been on the decline for 7 days and is now at $16,840 per metric ton. The Indian nickel cash price has been on the decline for 7 days and is now at INR 911.10 ($16.72) per kilogram.

Chinese stainless steel prices were mixed for the day. The price of Chinese ferro-chrome held steady at CNY 8,300 ($1,330) per metric ton. The price of Chinese ferro-moly continues hovering around CNY 145,000 ($23,237) per metric ton for the fifth day in a row.

After falling for two days, the price of Chinese primary nickel rose 0.7 percent to CNY 119,500 ($19,150) per metric ton. Chinese 304 stainless coil ended the day at CNY 17,900 ($2,869) per metric ton, after the 0.6 percent drop last Friday. Chinese 304 stainless steel scrap closed 0.6 percent lower at CNY 17,900 ($2,869) per metric ton. The price of Chinese 316 stainless coil remained essentially flat at CNY 26,800 ($4,295) per metric ton. Chinese 316 stainless steel scrap held its value last Friday at CNY 16,700 ($2,676) per metric ton.