Cash Price of Primary Indian Nickel Up After Two-Day Drop

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The cash price of primary Indian nickel closed as the biggest mover for March 4, 2013. Switching from a downward trend, the metal closed at INR 910.40 ($16.58) per kilogram 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.

Chinese stainless steel prices were mixed for the day. The price of Chinese ferro-chrome was unchanged at CNY 8,300 ($1,334) per metric ton. For the fifth day in a row, the price of Chinese ferro-moly remained essentially flat at CNY 145,000 ($23,308) per metric ton.

Monday saw the price of Chinese 304 stainless coil drift down 0.6 percent to CNY 17,600 ($2,829) per metric ton after a couple of stagnant days. The price of Chinese 304 stainless steel scrap closed Monday at CNY 17,600 ($2,829) per metric ton, halting its two-day flat run with a 0.6 percent decline. The price of Chinese primary nickel saw a 0.3 percent decline to CNY 117,700 ($18,920) per metric ton. The price of Chinese 316 stainless coil remained essentially flat at CNY 26,500 ($4,260) per metric ton. For the fifth day in a row, the price of Chinese 316 stainless steel scrap remained essentially flat at CNY 16,700 ($2,684) per metric ton.