Chinese 316 Stainless Steel Scrap Up 0.6%

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On March 7, 2013, Chinese 316 stainless steel scrap jumped up 0.6 percent, landing at CNY 16,200 ($2,605) per metric ton and making it the day’s biggest increase. After two flat days, the price of Chinese 304 stainless steel scrap inched up 0.6 percent on Thursday to CNY 17,700 ($2,846). The price of Chinese 304 stainless coil finished the day at CNY 17,700 ($2,846) per metric ton following a 0.6 percent increase. After two changeless days, the price of Chinese primary nickel fell 0.2 percent to CNY 117,500 ($18,892) per metric ton. The price of Chinese 316 stainless coil was unchanged at CNY 26,500 ($4,261) per metric ton.

The price of Chinese ferro-chrome saw little movement at CNY 8,300 ($1,334) per metric ton. The price of Chinese ferro-moly remained essentially flat at CNY 145,000 ($23,313) per metric ton.

On the LME, the spot price of nickel increased 0.4 percent to $16,570 per metric ton. On the LME, the 3-month price of nickel rose 0.3 percent to $16,625 per metric ton. The Indian nickel cash price fell 0.3 percent to INR 903.90 ($16.52) per kilogram.