Stainless steelmakers in Europe are seeing a surge in sales as customers stock up to avoid higher raw-material surcharges.
Finland’s Outolumpu reported a 9.1 percent jump in stainless-steel deliveries from the fourth quarter, orders at Madrid-based Acerinox SA are “the highest in at least three years,” and Germany’s ThyssenKrupp AG, says customers are adding to inventories. The sales jolt is reviving prospects for in an industry mired in losses since the financial crisis, Bloomberg News reported.
On Monday, May 26, the day’s biggest mover was the price of Chinese primary nickel, which saw a 0.9 percent decline to CNY 138,200 ($22,160) per metric ton. The price of Chinese 304 stainless steel scrap saw essentially no change for the fifth day in a row, remaining around CNY 16,400 ($2,630) per metric ton. The price of Chinese 316 stainless steel scrap remained essentially flat at CNY 16,100 ($2,582) per metric ton. For the fifth day in a row, the price of Chinese 304 stainless coil remained essentially flat at CNY 16,400 ($2,630) per metric ton. The price of Chinese 316 stainless coil continues hovering around CNY 26,000 ($4,169) per metric ton for the fifth day in a row.
The price of Chinese ferro-chrome saw little movement at CNY 8,300 ($1,331) per metric ton. The price of Chinese ferro-moly was unchanged at CNY 145,000 ($23,250) per metric ton.
On the LME, the 3-month price of nickel declined 0.4 percent to $19,575 per metric ton. After a 0.4 percent increase, the cash price of primary Indian nickel finished the day at INR 1,158 ($19.82) per kilogram. On the LME, the spot price of nickel fell 0.3 percent to $19,615 per metric ton.