Chinese Primary Nickel Down

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On March 1, 2013, the price of Chinese primary nickel fell by 0.8 percent, landing at CNY 118,000 ($18,961) per metric ton and making it the day’s biggest mover. The price of Chinese 304 stainless steel scrap remained essentially flat at CNY 17,700 ($2,844) per metric ton. The price of Chinese 316 stainless steel scrap remained essentially flat at CNY 16,700 ($2,683) per metric ton. Chinese 304 stainless coil stayed flat at around CNY 17,700 ($2,844) per metric ton. At CNY 26,500 ($4,258) per metric ton, the price of Chinese 316 stainless coil was essentially unchanged.

The price of Chinese ferro-chrome saw essentially no change for the fifth day in a row, remaining around CNY 8,300 ($1,334) per metric ton. For the fifth consecutive day, the price of Chinese ferro-moly held flat at CNY 145,000 ($23,299) per metric ton.

The cash price of primary Indian nickel declined 0.1 percent to INR 894.70 ($16.46) per kilogram. The 3-month price of nickel saw little movement last Friday on the LME, closing out around $16,755 per metric ton. On the LME, the nickel spot price showed little movement last Friday, hovering around $16,705 per metric ton.