Chinese Purchasing Managers’ Index Hinders Nickel

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Nickel closed flat on the LME over concern that demand will fall after a report showed manufacturing grew less than expected in China, the world’s largest metals consumer. China’s Purchasing Managers’ Index was at 50.4, the National Bureau of Statistics and China Federation of Logistics and Purchasing released today. Any number over 50 reflects an increase in purchasing activity, but it was lower than the 50.5 most analysts expected, according to a survey by the Wall Street Journal.

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The spot price of nickel saw little change Wednesday, April 30, staying around $18,225 per metric ton on the LME. The nickel 3-month price steadied at $18,300 per metric ton following two-days of dropping prices on the LME. The Indian nickel cash price showed little movement yesterday at INR 1,106 ($18.30) per kilogram.

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Chinese stainless steel prices closed flat for the day. The price of Chinese ferro-chrome saw essentially no change for the fifth day in a row, remaining around CNY 8,300 ($1,326) per metric ton. The price of Chinese ferro-moly continues hovering around CNY 145,000 ($23,171) per metric ton for the fifth day in a row.

The Allegheny Ludlum 316 stainless surcharge held steady on Wednesday, remaining around $1.16 per pound. The price of Chinese 316 stainless coil remained essentially flat at CNY 26,000 ($4,155) per metric ton. The price of Chinese 304 stainless coil was unchanged at CNY 16,400 ($2,621) per metric ton. The price of Chinese 316 stainless steel scrap held steady at CNY 16,100 ($2,573) per metric ton. The price of Chinese 304 stainless steel scrap remained essentially flat at CNY 16,400 ($2,621) per metric ton.

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