Chinese 316 Stainless Coil Drops 1.1%

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On Feb. 25, 2013, the day’s biggest mover was the price of Chinese 316 stainless coil, which saw a 1.1 percent decline to CNY 26,500 ($4,259) per metric ton. Chinese 304 stainless steel scrap ended the day at CNY 17,800 ($2,861) per metric ton, after the 0.6 percent drop on Monday. Chinese 304 stainless coil closed 0.6 percent lower at CNY 17,800 ($2,861) per metric ton. The price of Chinese primary nickel rose 0.5 percent to CNY 120,100 ($19,301) per metric ton. Chinese 316 stainless steel scrap saw little change in its price yesterday at CNY 16,700 ($2,684) per metric ton.

For the fifth consecutive day, the price of Chinese ferro-chrome held flat at CNY 8,300 ($1,334) per metric ton. The price of Chinese ferro-moly was unchanged at CNY 145,000 ($23,303) per metric ton.

The cash price of primary Indian nickel has been on the decline for 10 days and is now at INR 902.90 ($16.63) per kilogram. The nickel spot price on the LME has been on the decline for 10 days and is now at $16,735 per metric ton. The nickel 3-month price steadied at $16,845 per metric ton following two-days of dropping prices on the LME.