Nickel 3-Month Price Drops 3.3%

by on
Style:
Category:
Members Only, Metal Prices, Premium

The 3-month price of nickel experienced the biggest price decline of the day, dropping 3.3 percent on the LME to close at $16,620 per metric ton on March 19, 2013. On the LME, the nickel spot price fell 3.2 percent to $16,550 per metric ton. At INR 901.20 ($16.63), the Indian nickel cash price finished the market day up 0.3 percent per kilogram.

Chinese stainless steel closed mixed on Tuesday. The price of Chinese ferro-chrome remained essentially flat at CNY 8,300 ($1,336) per metric ton. The price of Chinese ferro-moly held steady at CNY 145,000 ($23,333) per metric ton.

Following three days of little change, the price of Chinese 304 stainless coil rose by 1.1 percent to CNY 17,800 ($2,864) per metric ton. On the tail of a three-day flat streak, the price of Chinese 304 stainless steel scrap rose by 1.1 percent, settling at CNY 17,800 ($2,864) per metric ton. The price of Chinese primary nickel saw a 0.4 percent decline to CNY 117,000 ($18,827) per metric ton. The price of Chinese 316 stainless coil remained steady at CNY 26,700 ($4,296) per metric ton. The price of Chinese 316 stainless steel scrap continues hovering around CNY 16,100 ($2,591) per metric ton for the fifth day in a row.