Stainless steel mills in China have lifted their nickel pig iron prices for June delivery because of tight raw materials supply.
Taigang Stainless Steel and Baosteel Stainless are both willing to pay 1,440 yuan ($233) per nickel unit for high grade NPI (Ni 10-15%) for June delivery.
The price of Chinese ferro-chrome remained essentially flat at CNY 8,300 ($1,328) per metric ton. The price of Chinese ferro-moly saw little movement at CNY 145,000 ($23,199) per metric ton.
On the tail of a three-day flat streak, the Allegheny Ludlum 316 stainless surcharge rose by 11.2 percent, settling at $1.29 per pound. The price of Chinese 316 stainless coil was unchanged at CNY 26,000 ($4,160) per metric ton. For the fifth day in a row, the price of Chinese 304 stainless coil remained essentially flat at CNY 16,400 ($2,624) per metric ton. The price of Chinese 316 stainless steel scrap saw essentially no change for the fifth day in a row, remaining around CNY 16,100 ($2,576) per metric ton. For the fifth consecutive day, the price of Chinese 304 stainless steel scrap held flat at CNY 16,400 ($2,624) per metric ton.
After a 0.4 percent increase, the nickel 3-month price finished the day on the LME at $19,655 per metric ton. Weakening prices followed two days of improvement as the Indian nickel cash price dropped 0.1 percent to INR 1,165 ($19.73) per kilogram. On the LME, the spot price of nickel held steady around $19,625 per metric ton.