The cash price of primary Indian nickel closed as the biggest mover for March 4, 2013. Switching from a downward trend, the metal closed following a 1.8 percent increase.
On the LME, the spot price of nickel fell 1.7 percent to $16,420 per metric ton. The 3-month price of nickel weakened by 1.6 percent on the LME, settling at $16,480 per metric ton. The price of Chinese primary nickel saw a 0.3 percent decline.
Chinese stainless steel prices were mixed for the day. The price of Chinese ferro-chrome was unchanged. For the fifth day in a row, the price of Chinese ferro-moly remained essentially flat.
Monday saw the price of Chinese 304 stainless coil drift down 0.6 percent after a couple of stagnant days. The price of Chinese 304 stainless steel scrap halted its two-day flat run with a 0.6 percent decline. The price of Chinese 316 stainless coil remained essentially flat. For the fifth day in a row, the price of Chinese 316 stainless steel scrap remained essentially flat as well.