“Steelmaker ArcelorMittal said it will sell a majority stake in its Algerian operations to the Algerian state as part of a $763 million investment agreement”, reports Reuters.
“Algerian state-controlled entity Sider will own 51 percent of ArcelorMittal’s Annaba and Tebessa units as part of the deal, with Arcelor owning the rest, according to a statement from Arcelor on Sunday. The current ownership split has Arcelor owning 70 percent and Sider owning 30 percent.”
At $13,860 per metric ton, the 3-month price of nickel moved up 0.7 percent on Friday, September 27, making it the day’s biggest mover on the LME. On the LME, the spot price of nickel inched up 0.5 percent to $13,775 per metric ton. The cash price of primary Indian nickel saw little change in its price last Friday.
Chinese stainless steel closed mixed last Friday. The price of Chinese ferro-chrome saw essentially no change for the fifth day in a row. For the fifth day in a row, the price of Chinese ferro-moly remained essentially flat.
After a 0.3 percent increase, the price of Chinese primary nickel finished the day. The price of Chinese 316 stainless coil held steady. The price of Chinese 304 stainless coil was unchanged. The price of Chinese 316 stainless steel scrap continues to hover for the fifth day in a row. The price of Chinese 304 stainless steel scrap saw little movement.