Chinese Primary Nickel Improves 0.7%

On March 13, 2013, the price of Chinese primary nickel experienced the biggest change, rising 0.7 percent to CNY 118,700 ($19,100) per metric ton. At CNY 17,600 ($2,832) per metric ton, the price of Chinese 304 stainless steel scrap was essentially unchanged. Chinese 316 stainless steel scrap held its value on Wednesday at CNY 16,100 ($2,591) per metric ton. Chinese 304 stainless coil saw little change in its price yesterday at CNY 17,600 ($2,832) per metric ton. For the fifth day in a row, the price of Chinese 316 stainless coil remained essentially flat at CNY 26,500 ($4,264) per metric ton.

The price of Chinese ferro-chrome saw little movement at CNY 8,300 ($1,336) per metric ton. The price of Chinese ferro-moly was unchanged at CNY 145,000 ($23,331) per metric ton.

The cash price of primary Indian nickel gained 0.1 percent to finish at INR 923.30 ($17.04) per kilogram. Following a two-day rise on the LME, the 3-month price of nickel flattened at $16,695. The nickel spot price steadied at $16,645 per metric ton following two-days of increases on the LME.