Baosteel Stainless, the second-largest stainless producer in China announced a price hike for 300 grade stainless steel coils by CNY 300 per ton for April due to higher nickel prices, which are up 17% this year.
On the LME, the 3-month price of nickel inched up 0.7 percent to $16,280 per metric ton continuing a consistent rise for the year. On the LME, the spot price of nickel gained 0.5 percent to finish at $16,215 per metric ton.
Chinese stainless steel prices were mixed for the day. The price of Chinese ferro-chrome continues hovering around CNY 8,300 ($1,338) per metric ton for the fifth day in a row. The price of Chinese ferro-moly remained essentially flat at CNY 145,000 ($23,373) per metric ton.
Weakening prices followed two days of improvement as the price of Chinese primary nickel dropped 0.4 percent to CNY 102,500 ($16,522) per metric ton. The price of Chinese 316 stainless coil was unchanged at CNY 26,000 ($4,191) per metric ton. For the fifth consecutive day, the price of Chinese 304 stainless coil held flat at CNY 16,400 ($2,644) per metric ton. The price of Chinese 316 stainless steel scrap saw essentially no change for the fifth day in a row, remaining around CNY 16,100 ($2,595) per metric ton. The price of Chinese 304 stainless steel scrap held steady at CNY 16,400 ($2,644) per metric ton.
After improving for two days, the cash price of primary Indian nickel declined 1.6 percent to INR 971.30 ($16.13) per kilogram.