EU Complains About China Import Duties, Nickel Price Up on the Week

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The European Union lodged a complaint at the World Trade Organization on Thursday against China’s imposition of anti-dumping duties on imports of stainless steel tubes, six months after Japan filed a similar case, the WTO said.

The complaint centers on high-quality steel products that China needs to build new power plants, crucial for its plans to upgrade and clean up its electricity infrastructure, Reuters reported.

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China’s steel industry, by far the biggest in the world, found it could not produce the same products as cheaply as its Japanese and European rivals. Beijing suspected the imports were being priced unfairly and imposed the anti-dumping tariffs.

The Week’s Stainless and Nickel Prices on the IndX…

The week’s biggest mover on the weekly Stainless MMI® was the spot price of nickel, which saw a 9.0 percent increase on the LME to $15,450 per metric ton. This comes on the heels of a 0.6 percent decline the week prior. The 3-month price of nickel rose 8.9 percent on the LME to $15,480 per metric ton after falling 0.6 percent during the previous week. The cash price of primary Indian nickel rose more than 5 percent over the past week. This was the third week in a row of increasing prices.

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Chinese stainless steel prices were mixed for the week. Chinese ferro-chrome remained unchanged for the week. Chinese ferro-moly traded sideways last week.

The price of Chinese primary nickel rose 1.7 percent after falling close to the same amount the previous week. Following a steady week, prices for Chinese 304 stainless steel scrap closed flat. The price of Chinese 316 stainless steel scrap did not change since the previous week. Chinese 304 stainless coil prices held steady . The week finished with no movement for Chinese 316 stainless coil.

Korean 430 stainless steel coil remained essentially 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.

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