Turns out low nickel prices have attacked another victim – this time in the form of a stainless producer’s bottom line.
Via Reuters: “Finnish stainless steelmaker Outokumpu warned its third-quarter underlying loss would be weaker than in the second quarter due to low nickel prices, disappointing markets which expected an improvement. Outokumpu’s second-quarter underlying operating loss was 80 million euros ($105.75 million) compared to a loss of 72 million euros a year earlier, mostly in line with an average forecast of 79 million euros in a Reuters poll.”
Rising 0.8 percent to close at $14,145 per metric ton, the 3-month price of nickel experienced the biggest change on the LME for Tuesday, July 23. On the LME, the spot price of nickel inched up 0.5 percent to $14,050 per metric ton.
The Indian nickel cash price saw little change in its price yesterday.
The price of Chinese ferro-chrome saw little movement. The price of Chinese ferro-moly remained essentially flat.
The price of Chinese primary nickel finished the market day up 0.4 percent per metric ton. Chinese 304 and 316 coil and scrap didn’t move yet again.