Via Platts: “Japanese steelmaker Nisshin Steel has increased ferrite stainless steel production due to higher demand, with the product making up half of its stainless steel output in July, a company spokesman said Friday.
“Nisshin has been producing around 30,000-40,000 mt/month of stainless steel at its Shunan plant in Hiroshima prefecture in western Japan. The output, which represents around 70% of its record high output of 700,000 mt/year before the 2008 global financial crisis, has remained stable since October,” according to spokesman Mitsuhiro Murashita as quoted by Platts.
“Demand for nickel [austenitic] stainless grades, such as SUS304, is not positive,” Murashita is reported as saying. “Demand for chrome stainless grades from the automotive, industrial machinery and electric machinery sectors, has been strong. As a result, chrome stainless accounts for half of our production.”
With a 0.8 percent increase over the past day, the cash price of primary Indian nickel was the biggest mover on MetalMiner’s daily price index on Friday, July 19.
On the LME, the nickel spot price increased 0.5 percent to $13,880 per metric ton. After a 0.4 percent increase, the 3-month price of nickel finished the day on the LME at $13,975 per metric ton.
Chinese stainless steel prices were mixed for the day. The price of Chinese ferro-chrome saw little movement. For the fifth consecutive day, the price of Chinese ferro-moly held flat.
The price of Chinese primary nickel gained 0.3 percent. The prices of Chinese 304 and 316 stainless coil and scrap didn’t move.