Cash Price of Primary Indian Nickel Changes Direction

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The Indian nickel cash price fell 3.0 percent on March 18, 2013 to INR 898.70 ($16.63) per kilogram, making it the day’s biggest mover. On the LME, the nickel spot price inched up 0.7 percent to $17,100 per metric ton. On the LME, the 3-month price of nickel rose 0.7 percent to $17,190 per metric ton.

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 ($1,320) per metric ton. The price of Chinese ferro-moly continues hovering around CNY 145,000 ($23,061) per metric ton for the fifth day in a row.

The price of Chinese primary nickel weakened by 1.9 percent, settling at CNY 117,500 ($18,687) per metric ton. After a 0.8 percent increase, the price of Chinese 316 stainless coil finished the day at CNY 26,700 ($4,246) per metric ton. For the fifth day in a row, the price of Chinese 304 stainless coil remained essentially flat at CNY 17,600 ($2,799) per metric ton. The price of Chinese 316 stainless steel scrap held steady at CNY 16,100 ($2,561) per metric ton. The price of Chinese 304 stainless steel scrap remained essentially flat at CNY 17,600 ($2,799) per metric ton.