Chinese 304 Stainless Steel Scrap Moves Down 2.2%

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Metal Prices, Premium

On April 8, 2013, the day’s biggest mover was the price of Chinese 304 stainless steel scrap, which saw a 2.2 percent decline to CNY 17,400 ($2,810) per metric ton. On Monday’s price drop of 2.2 percent carried the price of Chinese 304 stainless coil to a thirty-day low of CNY 17,400 ($2,810) per metric ton. The price of Chinese primary nickel finished the day at CNY 114,500 ($18,488) per metric ton following a 0.6 percent increase. The price of Chinese 316 stainless steel scrap remained essentially flat at CNY 16,100 ($2,600) per metric ton. The price of Chinese 316 stainless coil was unchanged at CNY 26,700 ($4,311) per metric ton.

The price of Chinese ferro-chrome saw little movement at CNY 8,300 ($1,340) per metric ton. The price of Chinese ferro-moly continues hovering around CNY 145,000 ($23,413) per metric ton for the fifth day in a row.

Following a 1.0 percent rise on Monday, the cash price of primary Indian nickel closed at INR 882.80 ($16.11) per kilogram. The nickel spot price saw a 0.7 percent decline on the LME to $15,925 per metric ton. On the LME, the 3-month price of nickel declined 0.6 percent to $16,000 per metric ton.