Chinese Primary Nickel Turns Around After Two-Day Fall

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Metal Prices, Premium

On March 21, 2013, the day’s biggest mover was the price of Chinese primary nickel, which saw a 1.4 percent increase to CNY 118,000 ($18,995) per metric ton. This increase comes after the price fell for the two previous days. The price of Chinese 304 stainless steel scrap held steady at CNY 17,800 ($2,865) per metric ton. The price of Chinese 316 stainless steel scrap saw little movement at CNY 16,100 ($2,592) per metric ton. The price of Chinese 304 stainless coil remained essentially flat at CNY 17,800 ($2,865) per metric ton. The price of Chinese 316 stainless coil remained steady at CNY 26,700 ($4,298) per metric ton.

For the fifth day in a row, the price of Chinese ferro-chrome remained essentially flat at CNY 8,300 ($1,336) per metric ton. The price of Chinese ferro-moly remained essentially flat at CNY 145,000 ($23,342) per metric ton.

On the LME, the nickel 3-month price rose 0.8 percent to $16,795 per metric ton. On the LME, the nickel spot price rose 0.7 percent to $16,720 per metric ton. The cash price of primary Indian nickel gained 0.6 percent to finish at INR 914.50 ($16.82) per kilogram.