Chinese 316 Stainless Steel Scrap Weakens 3.6%

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The day’s biggest mover broke away from a static phase with a 3.6 percent drop on March 5, 2013. After three changeless days, the price of Chinese 316 stainless steel scrap closed at CNY 16,100 ($2,587) per metric ton. The price of Chinese primary nickel flattened at CNY 117,700 ($18,912) per metric ton after two days of downward movement. Chinese 304 stainless steel scrap saw little change in its price on Tuesday at CNY 17,600 ($2,828) per metric ton. The price of Chinese 304 stainless coil showed little movement on Tuesday at CNY 17,600 ($2,828) per metric ton. The price of Chinese 316 stainless coil remained essentially flat at CNY 26,500 ($4,258) per metric ton.

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

The Indian nickel cash price weakened by 0.9 percent, settling at INR 901.90 ($16.44) per kilogram. On the LME, the 3-month price of nickel inched up 0.7 percent to $16,600 per metric ton. On the LME, the spot price of nickel gained 0.7 percent to finish at $16,535 per metric ton.