Nickel 3-Month Price Sees Small Decrease; ArcelorMittal Kazakh Cuts Workweek

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ArcelorMittal is changing things up at their steel mill in Kazakhstan and have decided to introduce a shorter working week. According to The Economic Times, “Western financial sanctions on Iran have cut demand for its metal and dented output, a company spokesman told Reuters.”

On Friday, September 13, the 3-month price of nickel fell by 0.6 percent on the LME, landing at $13,650 per metric ton and making it the day’s biggest mover. On the LME, the nickel spot price declined 0.4 percent to $13,615 per metric ton. The Indian nickel cash price flattened after two days of downward movement.

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Chinese stainless steel prices closed flat for the day. The price of Chinese ferro-chrome saw essentially no change for the fifth day in a row. The price of Chinese ferro-moly continues to hover for the fifth day in a row.

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For the fifth consecutive day, the price of Chinese 316 stainless coil held flat. The price of Chinese 304 stainless coil also saw little movement. The price of Chinese 316 stainless steel scrap was unchanged and the price of Chinese 304 stainless steel scrap held steady. After dropping for two days, the price of Chinese primary nickel flattened.