2.3% Shift for Chinese 304 Stainless Steel Scrap

On April 3, 2013, Chinese 304 stainless steel scrap jumped up 2.3 percent, landing at CNY 17,800 ($2,871) per metric ton and making it the day’s biggest increase. After a 2.3 percent increase, Chinese 304 stainless coil finished the day at CNY 17,800 ($2,871) per metric ton. The price of Chinese primary nickel declined 1.5 percent to CNY 113,800 ($18,355) per metric ton. For the fifth consecutive day, the price of Chinese 316 stainless steel scrap held flat at CNY 16,100 ($2,597) per metric ton. The price of Chinese 316 stainless coil held steady at CNY 26,700 ($4,306) per metric ton.

The price of Chinese ferro-chrome remained essentially flat at CNY 8,300 ($1,339) per metric ton. The price of Chinese ferro-moly saw essentially no change for the fifth day in a row, remaining around CNY 145,000 ($23,387) per metric ton.

The 3-month price of nickel dropped by 1.5 percent on the LME to $16,445 per metric ton after holding steady. The cash price of primary Indian nickel weakened by 1.1 percent, settling at INR 880.40 ($16.17) per kilogram. Following a quiet couple of days, the nickel spot price fell 0.9 percent yesterday on the LME to $16,385 per metric ton.