Chinese Primary Nickel Rises 1.1%

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The price of Chinese primary nickel saw the biggest increase at 1.1 percent, finishing at CNY 119,800 ($19,276) per metric ton for March 15, 2013. The price of Chinese 304 stainless steel scrap held steady at CNY 17,600 ($2,832) per metric ton. Chinese 316 stainless steel scrap saw little change in its price last Friday at CNY 16,100 ($2,591) per metric ton. Chinese 304 stainless coil held its value last Friday 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 continues hovering around CNY 145,000 ($23,331) per metric ton for the fifth day in a row.

On the LME, the nickel spot price declined 0.5 percent to $16,980 per metric ton. The 3-month price of nickel weakened by 0.3 percent on the LME, settling at $17,075 per metric ton. The cash price of primary Indian nickel gained 0.2 percent to finish at INR 926.30 ($17.04) per kilogram.