3-Month Price of Nickel Lower

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On Feb. 27, 2013, the day’s biggest mover was the 3-month price of nickel, which saw a 1.2 percent decline on the LME to $16,590 per metric ton. The nickel spot price on the LME has been on the decline for 12 days and is now at $16,500 per metric ton. Following a two-day drop, the cash price of primary Indian nickel increased by 0.8 percent to INR 899.40 ($16.63) per kilogram.

Chinese stainless steel prices were mixed for the day. The price of Chinese ferro-chrome held steady at CNY 8,300 ($1,332) per metric ton. For the fifth day in a row, the price of Chinese ferro-moly remained essentially flat at CNY 145,000 ($23,276) per metric ton.

The price of Chinese primary nickel rose 0.7 percent to CNY 119,000 ($19,103) per metric ton. Chinese 304 stainless coil ended the day at CNY 17,700 ($2,841) per metric ton, after the 0.6 percent drop yesterday. Chinese 304 stainless steel scrap closed 0.6 percent lower at CNY 17,700 ($2,841) per metric ton. The price of Chinese 316 stainless coil held steady at CNY 26,500 ($4,254) per metric ton. The price of Chinese 316 stainless steel scrap continues hovering around CNY 16,700 ($2,681) per metric ton for the fifth day in a row.