Allegheny To Let Go of Two Businesses; Primary Indian Nickel Price Improves

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Allegheny is planning on letting go of two businesses and will report a Q3 loss, after a large decline in shipments and increased raw material costs.

“Allegheny said it had closed its fabricated components business and planned to divest its iron castings unit, part of a wider cost-cutting initiative that includes the sale of its tungsten business,” reports Reuters.

With a 0.9 percent increase over the past day, the Indian nickel cash price was the biggest mover on Monday, October 14. The spot price of nickel saw a 0.2 percent decline on the LME to $13,725 per metric ton. On the LME, the 3-month price of nickel held steady around $13,805 per metric ton.

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Chinese stainless steel prices were flat for the day. The price of Chinese ferro-chrome was unchanged. The price of Chinese ferro-moly saw essentially no change for the fifth day in a row.

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The price of Chinese 316 stainless coil held steady. The price of Chinese 304 stainless coil remained essentially flat. 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. The price of Chinese primary nickel saw little movement yesterday.