Nickel Falls on LME, 50% of World’s Stainless Made in China in 2013

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China produced 20.5 million tons of crude stainless in 2013 out of a global total of 40 million tons, according to research by Steel Market Intelligence GmbH. China’s production in 2013 was up 17 percent year-on-year, the report said.

On Friday, March 28, the day’s biggest mover was the cash price of primary Indian nickel, which saw a 0.6 percent decline to INR 959.00 ($15.94) per kilogram. The nickel spot price saw little price change last Friday on the LME at $15,950 per metric ton. On the LME, the nickel 3-month price saw little movement last Friday at $16,045 per metric ton.

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Chinese stainless steel prices closed flat for the day. The price of Chinese ferro-chrome continues hovering around CNY 8,300 ($1,336) per metric ton for the fifth day in a row. For the fifth consecutive day, the price of Chinese ferro-moly held flat at CNY 145,000 ($23,336) per metric ton.

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Following two days of downward movement, the price of Chinese primary nickel held steady at CNY 101,400 ($16,319) per metric ton. For the fifth day in a row, the price of Chinese 316 stainless coil remained essentially flat at CNY 26,000 ($4,184) per metric ton. The price of Chinese 304 stainless coil saw little movement at CNY 16,400 ($2,639) per metric ton. The price of Chinese 316 stainless steel scrap held steady at CNY 16,100 ($2,591) per metric ton. The price of Chinese 304 stainless steel scrap remained essentially flat at CNY 16,400 ($2,639) per metric ton.

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