Steel Market Is On The Mend, Says Voestalpine

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Voestalpine, believes that things are looking up for the steel market. “Demand from manufacturers for steel is finally showing signs of stabilising, Austrian producer Voestalpine said on Wednesday, lifting its confidence in its profit forecasts as it predicted rises in world prices this year,” reports Reuters.

“Although the current situation does not suggest a market recovery, the first signs of stabilisation at a low level are nevertheless beginning to be noticeable,” Voestalpine said.

With a 1.9 percent increase over the past day, the Indian nickel cash price was the biggest mover on Friday, October 4. The 3-month price of nickel flattened following two-days of declines on the LME. After dropping for two days on the LME, the nickel spot price flattened.

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Chinese stainless steel prices closed flat for the day. The price of Chinese ferro-chrome continues to hover for the fifth day in a row. The price of Chinese ferro-moly held steady.

The price of Chinese 316 stainless coil remained essentially flat. The price of Chinese 304 stainless coil saw essentially no change for the fifth day in a row. For the fifth consecutive day, the price of Chinese 316 stainless steel scrap held flat. The price of Chinese 304 stainless steel scrap saw little movement. The price of Chinese primary nickel held steady last Friday.