Taigang Stainless, the largest stainless steel producer in China, announced it’s raising its export prices for 304 grade stainless coils by $70 per ton due to rising nickel prices today.
On the LME, the spot price of nickel inched up 0.2 percent to $16,110 per metric ton. On the LME, the nickel 3-month price rose 0.1 percent to $16,140 per metric ton.
The price of Chinese primary nickel saw a 2.5 percent increase on Thursday, March 20, making it the biggest mover for the day. The price of Chinese 304 stainless steel scrap continues hovering around its high for the fifth day in a row. The price of Chinese 316 stainless steel scrap held steady. The price of Chinese 304 stainless coil saw essentially no change for the fifth day in a row. The price of Chinese 316 stainless coil was unchanged.
For the fifth day in a row, the price of Chinese ferro-chrome remained essentially flat. The price of Chinese ferro-moly remained essentially flat, too.
The cash price of primary Indian nickel increased 0.4 percent to INR 1,001 ($16.34) per kilogram.