China’s official manufacturing Purchasing Managers’ Index fell to 49.8 last month from 50.1 in December, according to figures released Sunday in Beijing. That missed the median estimate of 50.2 in a Bloomberg survey. The final reading of HSBC Holdings Plc and Markit Economics’ China PMI was 49.7 in January, according to data released Monday. That compares with 49.6 in December and a forecast of 49.8.
Aluminum and nickel declined on the London Metal Exchange but zinc was largely unchanged.
On Friday, January 30, the day’s biggest mover was the spot price of nickel, which saw a 1.5% decline on the LME to $14,700 per metric ton. The 3-month price of nickel declined 1.4% on the LME to $14,750 per metric ton, after two days of improvement. The Indian nickel cash price flattened at INR 922.90 ($14.93) after two days of improvement.
Chinese stainless steel closed mixed last Friday. The price of Chinese ferro-chrome remained essentially flat at CNY 10,950 ($1,753) per metric ton. The price of Chinese ferro-moly continues hovering around CNY 87,000 ($13,929) per metric ton for the fifth day in a row.
The price of Chinese primary nickel fell 0.4% to CNY 108,400 ($17,356) per metric ton. The Allegheny Ludlum 316 stainless surcharge remained essentially flat at $0.94 per pound. The price of Chinese 316 stainless coil saw little movement at CNY 23,700 ($3,795) per metric ton. The price of Chinese 304 stainless coil was unchanged at CNY 16,700 ($2,674) per metric ton. The price of Chinese 316 stainless steel scrap continues hovering around CNY 12,950 ($2,073) per metric ton for the fifth day in a row.