Small Drift for Nickel Spot Price

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On March 8, 2013, the day’s biggest mover was the spot price of nickel, which saw a 0.4 percent decline on the LME to $16,510 per metric ton. The Indian nickel cash price fell 0.3 percent to INR 900.80 ($16.51) per kilogram. On the LME, the nickel 3-month price declined 0.3 percent to $16,575 per metric ton.

Chinese stainless steel prices were mixed for the day. The price of Chinese ferro-chrome saw little movement at CNY 8,300 ($1,334) per metric ton. The price of Chinese ferro-moly held steady at CNY 145,000 ($23,302) per metric ton.

The price of Chinese primary nickel gained 0.2 percent to finish at CNY 117,700 ($18,915) per metric ton. The price of Chinese 316 stainless coil remained essentially flat at CNY 26,500 ($4,259) per metric ton. Chinese 304 stainless coil stayed flat at around CNY 17,700 ($2,844) per metric ton. At CNY 16,200 ($2,603) per metric ton, the price of Chinese 316 stainless steel scrap was essentially unchanged. The price of Chinese 304 stainless steel scrap remained steady at CNY 17,700 ($2,844) per metric ton.