India has initiated an investigation into alleged dumping of stainless steel by China, Korea and Malaysia following a complaint by Jindal Stainless Ltd. The Indian Commerce Ministry’s designated authority, the directorate general of Anti-Dumping and Allied Duties (DGAD) has begun a probe into alleged dumping of “certain Hot-Rolled Flat Products of Stainless Steel 304 series.”
On Thursday, April 24, the day’s biggest mover was the nickel spot price, which saw a 0.6 percent decline on the LME to $18,115 per metric ton. On the LME, the 3-month price of nickel declined 0.5 percent to $18,180 per metric ton. The cash price of primary Indian nickel showed little movement yesterday, hovering around INR 1,137 ($18.61) per kilogram.
Chinese stainless steel prices were mixed for the day. The price of Chinese ferro-chrome was unchanged at CNY 8,300 ($1,331) per metric ton. The price of Chinese ferro-moly remained essentially flat at CNY 145,000 ($23,246) per metric ton.
The price of Chinese primary nickel weakened by 0.2 percent, settling at CNY 127,300 ($20,408) per metric ton. For the fifth consecutive day, the price of Chinese 316 stainless coil held flat at CNY 26,000 ($4,168) per metric ton. For the fifth day in a row, the price of Chinese 304 stainless coil remained essentially flat at CNY 16,400 ($2,629) per metric ton. For the fifth consecutive day, the price of Chinese 316 stainless steel scrap held flat at CNY 16,100 ($2,581) per metric ton. The price of Chinese 304 stainless steel scrap remained essentially flat at CNY 16,400 ($2,629) per metric ton.