Nickel 3-Month Price Switches Direction

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Metal Prices, Premium

On March 28, 2013, the day’s biggest mover was the 3-month price of nickel, which saw a 1.8 percent decline on the LME to $16,720 per metric ton. The nickel spot price closed at $16,665 per metric ton. Following a couple days of improvement, prices fell by 1.7 percent on the LME. The Indian nickel cash price declined 0.6 percent to INR 899.50 ($16.54) per kilogram.

Chinese stainless steel prices were mixed for the day. The price of Chinese ferro-chrome was unchanged 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.

The price of Chinese primary nickel fell 0.2 percent to CNY 117,600 ($18,922) per metric ton. For the fifth consecutive day, the price of Chinese 316 stainless coil held flat at CNY 26,700 ($4,296) per metric ton. The price of Chinese 304 stainless coil remained essentially flat at CNY 17,800 ($2,864) per metric ton. The price of Chinese 316 stainless steel scrap saw essentially no change for the fifth day in a row, remaining around CNY 16,100 ($2,591) per metric ton. The price of Chinese 304 stainless steel scrap held steady at CNY 17,800 ($2,864) per metric ton.