Chinese Primary Nickel Changes Direction

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On Feb. 26, 2013, the day’s biggest mover was the price of Chinese primary nickel, which saw a 1.6 percent decline to CNY 118,200 ($18,960) per metric ton. The price of Chinese 304 stainless steel scrap flattened at CNY 17,800 ($2,855) following two-days of declines. The price of Chinese 316 stainless steel scrap remained steady at CNY 16,700 ($2,679) per metric ton. After a couple of days of decreasing prices, the price of Chinese 304 stainless coil held steady at CNY 17,800 ($2,855). Chinese 316 stainless coil held its value yesterday at CNY 26,500 ($4,251) per metric ton.

The price of Chinese ferro-chrome saw essentially no change for the fifth day in a row, remaining around CNY 8,300 ($1,331) per metric ton. The price of Chinese ferro-moly was unchanged at CNY 145,000 ($23,259) per metric ton.

The Indian nickel cash price has been on the decline for 12 days and is now at INR 892.70 ($16.57) per kilogram. The nickel 3-month price saw a 0.3 percent decline on the LME to $16,800 per metric ton. The nickel spot price on the LME has been on the decline for 11 days and is now at $16,705 per metric ton.