3-Month Price of Nickel Sees Small Jump

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Rising 2.6 percent to close at $17,130 per metric ton, the nickel 3-month price experienced the biggest change on the LME for March 14, 2013. On the LME, the spot price of nickel gained 2.5 percent to finish at $17,060 per metric ton. The Indian nickel cash price increased 0.1 percent to INR 924.60 ($17.03) per kilogram.

Chinese stainless steel prices were mixed for the day. For the fifth consecutive day, the price of Chinese ferro-chrome held flat at CNY 8,300 ($1,336) 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 ($23,334) per metric ton.

The price of Chinese primary nickel declined 0.2 percent to CNY 118,500 ($19,070) per metric ton, after two days of improvement. For the fifth day in a row, the price of Chinese 316 stainless coil remained essentially flat at CNY 26,500 ($4,265) per metric ton. Chinese 304 stainless coil stayed flat at around CNY 17,600 ($2,832) per metric ton. The price of Chinese 316 stainless steel scrap remained steady at CNY 16,100 ($2,591) per metric ton. The price of Chinese 304 stainless steel scrap showed little movement on Thursday at CNY 17,600 ($2,832) per metric ton.