Nippon Steel Nagoya Plant Shut After Fire; Primary Indian Nickel Up

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Nippon Steel & Sumitomo Metal Corp is temporarily shut down. The company’s “entire Nagoya steel plant in central Japan was shut after smoke and flames were seen billing out of one of the plant’s units earlier on Friday,” reports Reuters.

“Just before noon local time (0300 GMT) a power failure occurred at the plant, which was followed by flames and smoke seen escaping from a coke oven, a company spokesman said, adding it came from a process to burn off gas accumulated during regular operations and not an outbreak of fire.”

“An official at the local fire department said fire engines were sent to the site around 12:30 p.m.”

“Nippon Steel is gathering information about the incident and there is no estimate for when plant, which produced 6.46 million tonnes of crude steel in the year to March 2013, will return to operations.”

“No injuries were reported from the incident.”

In metal price news for stainless steel and nickel…

The cash price of primary Indian nickel saw the biggest upwards shift for the day, rising 2.5 percent on Thursday, January 16. After improving for two days, the nickel 3-month price declined 0.4 percent on the LME to $14,290 per metric ton. The nickel spot price closed at $14,240 per metric ton. Following a couple days of improvement, prices fell by 0.3 percent on the LME.

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Chinese stainless steel prices were mixed for the day. The price of Chinese ferro-chrome held steady. For the fifth consecutive day, the price of Chinese ferro-moly held flat.

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The price of Chinese primary nickel gained 1.1 percent to finish. The price of Chinese 316 stainless coil was unchanged. The price of Chinese 304 stainless coil saw little movement. The price of Chinese 316 stainless steel scrap remained essentially flat. For the fifth day in a row, the price of Chinese 304 stainless steel scrap remained essentially flat.