Good Week For Nickel/Stainless; India Accuses China of Dumping

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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) began the probe into alleged dumping of “certain Hot-Rolled Flat Products of Stainless Steel 304 series.”

The stainless market saw several major producers report earnings this week. Allegheny Technologies, Inc. (ATI) reported an $18 million loss and Goldman-Sachs upped its three- and six-month forecasts for nickel prices.

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The price of Chinese primary nickel saw the largest upwards shift on the weekly Stainless MMI®, rising 5.3 percent to settle at CNY 124,200 ($19,874) per metric ton. Chinese 304 stainless steel scrap traded sideways last week, hovering around CNY 16,400 ($2,624) per metric ton. Closing at CNY 16,100 ($2,576) per metric ton, Chinese 316 stainless steel scrap remained unchanged for the week. At CNY 16,400 ($2,624) per metric ton, the price of Chinese 304 stainless coil did not change since the previous week. Chinese 316 stainless coil prices held steady from the previous week at CNY 26,000 ($4,160) per metric ton.

Following a steady week, prices for Chinese ferro-chrome closed flat at CNY 8,300 ($1,328) per metric ton. Chinese ferro-moly traded sideways last week, hovering around CNY 145,000 ($23,202) per metric ton.

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At KRW 4.2 million ($3,881) per metric ton, the week finished with no movement for Korean 304 stainless coil. Prices for Korean 430 stainless steel coil remained constant, closing the week at KRW 2.6 million ($2,376) per metric ton. Closing at $0.72 per pound, the Allegheny Ludlum 304 stainless surcharge remained unchanged for the week. At $0.98 per pound, the Allegheny Ludlum 316 stainless surcharge remained essentially flat.

The Indian nickel cash price rose 3.7 percent over the past week to INR 1,132 ($18.53) per kilogram. This was the third week in a row of increasing prices. Closing out the third week of rising prices, the 3-month price of nickel increased by 2.8 percent on the LME, landing at $18,450 per metric ton. At $18,420 per metric ton, the nickel spot price finished the week 2.4 percent higher on the LME.

The Stainless MMI® collects and weights 14 global stainless steel and raw material price points to provide a unique view into stainless steel price trends. For more information on the Stainless MMI®, how it’s calculated or how your company can use the index, please drop us a note at: info (at) agmetalminer (dot) com.

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