As nickel, a key ingredient in stainless steel, prices rise, steelmakers are increasing their prices for the versatile metal as well.
AK Steel said today that the company will increase prices for all of its stainless steel products, effective with shipments on April 1, 2014. AK Steel said the increase will be achieved through a discount reduction of two percentage points. For all products priced using net prices, including automotive exhaust products, the increase will be achieved by adding $.02 per pound to the existing prices.
On the LME, the nickel spot price increased 0.2 percent to $15,665 per metric ton. On the LME, the 3-month price of nickel inched up 0.2 percent to $15,700 per metric ton.
On Thursday the price of Chinese primary nickel experienced the biggest change, rising 1.5 percent. The price of Chinese 304 stainless steel scrap continues hovering in a short range for the fifth day in a row. The price of Chinese 316 stainless steel scrap saw essentially no change for the fifth day in a row. Also for the fifth day in a row, the price of Chinese 304 stainless coil remained essentially flat. The price of Chinese 316 stainless coil held steady as well.
The price of Chinese ferro-chrome saw little movement and for the fifth consecutive day, the price of Chinese ferro-moly held flat.
The cash price of primary Indian nickel rose 1.4 percent.