Nickel 3-Month Price Drops, as Allegheny Technologies Cuts Costs

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Allegheny Technologies, who recently “reported second-quarter 2013 earnings of 4 cents per share, down from 50 cents recorded a year ago,” is focused on cost optimization, according to NASDAQ.

“Allegheny expects the third quarter to be the softest in many of its end markets. However, the company remains encouraged by stabilization in nickel and titanium scrap prices and anticipates that, if this trend continues, the fourth quarter will witness improvement in demand and stabilization of selling prices.”

Following two days of increases on the LME, the 3-month price of nickel dropped by 0.7 percent to end at $14,040 per metric ton on Wednesday, July 24. The Indian nickel cash price rose 0.6 percent. Weakening prices followed two days of improvement as the nickel spot price dropped 0.6 percent on the LME to $13,970 per metric ton.

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Chinese stainless steel prices were mixed for the day. For the fifth consecutive day, the price of Chinese ferro-chrome held flat. The price of Chinese ferro-moly saw essentially no change for the fifth day in a row.

The price of Chinese primary nickel closed at over $16,100+ per metric ton. Following a couple days of improvement, the metal’s price weakened by 0.6 percent. For the fifth day in a row, the price of Chinese 316 stainless coil remained essentially flat. The price of Chinese 304 stainless coil held steady. The price of Chinese 316 stainless steel scrap continues hovering around $2,600+ per metric ton for the fifth day in a row. The price of Chinese 304 stainless steel scrap saw little movement.