According to SpetsStal, the trade association for steel producers in Russia, the volume of Russian stainless steel consumption rose by 6.2% to 383.9 thousand tons in 2013 over 2012. The volume of domestic output rose 18.4% to 154.8 thousand tons.
The share of stainless steel imports in the total amount of consumption decreased to 65.5%. Nickel is the binding metal for stainless steel.
The LME saw no movement for the spot price of nickel which kept around $15,720 per metric ton. The nickel 3-month price ended a two-day climb, settling at $15,765 per metric ton on the LME. After a couple of days of improving prices, the Indian nickel cash price held steady.
Chinese stainless steel prices were flat for the day. The price of Chinese ferro-chrome saw little movement. The price of Chinese ferro-moly saw essentially no change for the fifth day in a row.
The price of Chinese 316 stainless coil remained essentially flat at CNY 26,000 ($4,235) per metric ton. For the fifth day in a row, the price of Chinese 304 stainless coil remained essentially flat. For the fifth consecutive day, the price of Chinese 316 stainless steel scrap held flat. The price of Chinese 304 stainless steel scrap continues hovering around a fixed point for the fifth day in a row. The price of Chinese primary nickel saw little change in its price yesterday.