ArcelorMittal may be making a purchase soon. The company “is interested in buying part or all of Italian steelmaker Ilva from its holding family, daily newspaper Il Sole 24 Ore reported on Sunday,” reports Reuters.
“Ilva runs Europe’s biggest steel plant in the southern Italian city of Taranto, but has been at the center of a lengthy environmental scandal. Controlled by the Riva family, Ilva makes flat steel products used by carmakers, electrical appliance manufacturers and shipbuilders.”
“Buying into Ilva would give ArcelorMittal greater control over the price of steel in southern Europe.”
In metal price news for
The week’s biggest mover on the weekly Stainless MMI® was the cash price of primary Indian nickel, which saw a 2.3 percent increase. This comes on the heels of a 6.4 percent decline the week prior. The nickel spot price saw a 0.3 percent drop this week on the LME, closing at $13,815 per metric ton. On the LME, the 3-month price of nickel closed at $13,880 per metric ton after a flat week.
Chinese stainless steel prices were flat for the week. Chinese ferro-chrome remained unchanged for the week. Chinese ferro-moly prices held steady from the previous week.
The price of Chinese primary nickel remained steady from the previous week. The week finished with no movement for Chinese 304 stainless steel scrap. Chinese 316 stainless steel scrap traded sideways last week. The price of Chinese 304 stainless coil did not change since the previous week. Chinese 316 stainless coil remained essentially flat from the previous week.
Following a steady week, prices for Korean 430 stainless steel coil closed flat. Prices for Korean 304 stainless coil remained constant.
The Stainless MMI® collects and weights 14 global stainless steel and raw material price points to provide a unique view into stainless steel price trends. For more information on the Stainless MMI®, how it’s calculated or how your company can use the index, please drop us a note at: info (at) agmetalminer (dot) com.