POSCO and China’s Chongqing Iron & Steel Co have agreed to set up a steel plant in China–“hoping strong demand from the world’s biggest steel consumer will offset weak sales at home.”
“The new plant will use POSCO’s self-developed steel making technology called Finex, which reduces production costs and greenhouse gas emissions and allows producers to use cheaper raw materials, such as ore fines and non-coking coal,” Reuters reports.
The week’s biggest mover on the weekly Stainless MMI® was the nickel 3-month price, which saw a 4.0 percent increase on the LME to $14,200 per metric ton. This comes on the heels of a 0.2 percent decline the week prior. The spot price of nickel rose 3.9 percent on the LME to $14,140 per metric ton after falling 0.3 percent during the previous week. The Indian nickel cash price rose 1.0 percent after falling 6.7 percent during the previous week.
Chinese stainless steel prices were mixed for the week. Chinese ferro-chrome prices held steady from the previous week. Chinese ferro-moly remained unchanged for the week.
The price of Chinese primary nickel rose 0.5 percent after falling 0.2 percent during the previous week. The week finished with no movement for Chinese 304 stainless steel scrap. The price of Chinese 316 stainless steel scrap did not change since the previous week. Chinese 304 stainless coil remained essentially flat from the previous week. Chinese 316 stainless coil traded sideways last week.
Following a steady week, prices for Korean 430 stainless steel coil closed flat. Prices for Korean 304 stainless coil remained constant.
The Stainless MMI® collects and weights 14 global stainless steel and raw material price points to provide a unique view into stainless steel price trends. For more information on the Stainless MMI®, how it’s calculated or how your company can use the index, please drop us a note at: info (at) agmetalminer (dot) com.