Daily Stainless Steel Roundup: Chinese 304 Scrap Moving Again

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On May 30, 2012, one of the day’s biggest movers in global stainless steel prices was the price of Chinese 304 stainless steel scrap, which saw a 1.2 percent decline.

The price of Chinese 316 stainless coil dropped by one percent. Chinese 304 stainless coil prices fell 0.5 percent on Wednesday after two days of no change. The price of Chinese 316 stainless steel scrap remained steady at below $2,800 per metric ton.

Meanwhile, stainless raw material inputs were up and down yesterday.

The price of Chinese primary nickel gained 0.6 percent.

On the other hand, the Indian nickel cash price saw a 2.2 percent decline. The LME nickel 3-month price declined 0.7 percent to $16,960 per metric ton, after two days of improvement. Also on the LME, the nickel spot price declined 0.6 percent to $16,880 per metric ton.

The price of Chinese ferro-chrome remained essentially flat, still holding above $1,300 per metric ton. The price of Chinese ferro-moly continues hovering south of $23,000 per metric ton for the fifth day in a row.

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