Nickel Up Slightly, Demand Remains Strong for Stainless

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A rise in North American mills’ base prices and raw material surcharges could not slow demand for stainless steel over the last month.

On Monday, the day’s biggest mover was the nickel 3-month price, which saw a 2.4 percent increase on the LME to $16,575 per metric ton. On the LME, the spot price of nickel gained 2.3 percent to finish at $16,515 per metric ton. The cash price of primary Indian nickel changed direction with a 1.9 percent drop, after two days of improving prices.

On Monday, April 7, the day’s biggest mover was the nickel 3-month price, which saw a 2.4 percent increase on the LME to $16,575 per metric ton. On the LME, the spot price of nickel gained 2.3 percent to finish at $16,515 per metric ton. The cash price of primary Indian nickel changed direction with a 1.9 percent drop. After two days of improving prices, the metal finished at INR 980.60 ($16.38) per kilogram.

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Chinese stainless steel prices closed flat for the day. The price of Chinese ferro-chrome saw essentially no change for the fifth day in a row, remaining around CNY 8,300 ($1,336) per metric ton. The price of Chinese ferro-moly remained essentially flat at CNY 145,000 ($23,342) per metric ton.

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For the fifth day in a row, the price of Chinese 316 stainless coil remained essentially flat at CNY 26,000 ($4,185) per metric ton. The price of Chinese 304 stainless coil saw little movement at CNY 16,400 ($2,640) per metric ton. For the fifth consecutive day, the price of Chinese 316 stainless steel scrap held flat at CNY 16,100 ($2,592) per metric ton. The price of Chinese 304 stainless steel scrap continues hovering around CNY 16,400 ($2,640) per metric ton for the fifth day in a row. The price of Chinese primary nickel saw little movement yesterday, closing out around CNY 105,800 ($17,031) per metric ton.

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