According to sources, Outokumpu has requested that the European Commission “let it keep the Italian steel plant the company agreed to sell to gain approval for its purchase of ThyssenKrupp’s Inoxum unit,” reports Reuters.
“The Acciai Speciali Terni plant has been valued at more than 500 million euros ($677 million) by Outokumpu, but is now expected to sell for less than that due to weakness in the global steel market.”
Rising 2.8 percent to close, the Indian nickel cash price experienced the biggest change for Tuesday, October 22. The spot price of nickel changed direction with a 0.6 percent drop. After two days of improving prices, the metal finished at $14,080 per metric ton on the LME. Weakening prices followed two days of improvement as the 3-month price of nickel dropped 0.1 percent on the LME to $14,195 per metric ton.
Chinese stainless steel prices were mixed for the day. The price of Chinese ferro-chrome remained essentially flat. The price of Chinese ferro-moly continues to hover for the fifth day in a row.
The price of Chinese primary nickel fell 0.3 percent. For the fifth consecutive day, the price of Chinese 316 stainless coil held flat. The price of Chinese 304 stainless coil continues to hover for the fifth day in a row. For the fifth day in a row, the price of Chinese 316 stainless steel scrap remained essentially flat. The price of Chinese 304 stainless steel scrap remained essentially flat.