Nickel Continues to Soar on the LME, ATI Reports $18 Million Loss

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Allegheny Technologies Incorporated reported first quarter 2014 sales of $987.3 million and a loss from continuing operations attributable to ATI of $18.1 million, or $0.17 per share. For the first quarter 2013, net income from continuing operations attributable to ATI was $9.7 million, or $0.09 per share. ATI is major US manufacturer of steel and stainless steel headquartered in Pittsburgh.

With a 5.6 percent increase over the past day, the price of Chinese primary nickel was the biggest mover, closing at CNY 127,600 ($20,457) per metric ton on Wednesday, April 23. The price of Chinese 304 stainless steel scrap saw essentially no change for the fifth day in a row, remaining around CNY 16,400 ($2,629) per metric ton. For the fifth day in a row, the price of Chinese 316 stainless steel scrap remained essentially flat at CNY 16,100 ($2,581) per metric ton. The price of Chinese 304 stainless coil held steady at CNY 16,400 ($2,629) per metric ton. The price of Chinese 316 stainless coil was unchanged at CNY 26,000 ($4,168) per metric ton.

The price of Chinese ferro-chrome remained essentially flat at CNY 8,300 ($1,331) per metric ton. The price of Chinese ferro-moly continues hovering around CNY 145,000 ($23,247) per metric ton for the fifth day in a row.

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The Indian nickel cash price rose 4.5 percent to INR 1,137 ($18.67) per kilogram. Following a couple of essentially changeless days, the 3-month price of nickel rose by 1.8 percent on the LME, closing at $18,270 per metric ton. The nickel spot price nudged up 1.3 percent on the LME on Wednesday, closing at $18,220 per metric ton.

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