With a 1.5 percent increase over the past day, the nickel spot price was the biggest mover on the LME, closing at $17,025 per metric ton on May 23, 2012. After a 1.2 percent increase, the 3-month price of nickel finished the day on the LME at $17,055 per metric ton. Indian nickel cash price rose one percent to INR 944 ($17) per kilogram.
Chinese stainless steel prices closed flat for the day. The price of Chinese ferro-chrome was unchanged at CNY 8,300 ($1,314) per metric ton. For the fifth consecutive day, the price of Chinese ferro-moly held flat at CNY 145,000 ($22,957) per metric ton.
Chinese 316 stainless coil held its value on Wednesday at CNY 31,000 ($4,908) per metric ton. The price of Chinese 304 stainless coil showed little movement on Wednesday at CNY 18,300 ($2,897) per metric ton. For the twelfth day in a row, the price of Chinese 316 stainless steel scrap fell and is currently at CNY 17,300 ($2,739) per metric ton. The price of Chinese 304 stainless steel scrap remained essentially flat at CNY 18,300 ($2,897) per metric ton. The price of Chinese primary nickel steadied at CNY 130,750 ($20,701) per metric ton following two-days of increases.