Nickel Drops 2.5% in Minor Correction, Outokumpu Delivers 4,000 Tons of Stainless

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Outokumpu delivered about 4,000 tons of LDX 2404 duplex stainless steel for the Husab uranium mine project in Namibia, Africa, this week. Outokumpu stainless steel will be used in tanks, pressure vessels, clarifiers and columns. The deliveries have started and they will continue until September 2014.’

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The Husab Mine project is owned by Swakop Uranium and the project is led by Husab Project Joint Venture. Once completed, Husab will be one of the three largest uranium mines in the world.

The cash price of primary Indian nickel saw the biggest decline of the day, dropping 2.5 percent to close at INR 1,129 ($19.04) per kilogram on Wednesday, June 4. Weakening prices followed two days of improvement as the spot price of nickel dropped 2.1 percent on the LME to $19,000 per metric ton. Following two days of rising prices, the nickel 3-month price dropped 1.7 percent on the LME to $19,100 per metric ton.

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Chinese stainless steel closed mixed on Wednesday. For the fifth consecutive day, the price of Chinese ferro-chrome held flat at CNY 8,300 ($1,327) per metric ton. The price of Chinese ferro-moly continues hovering around CNY 145,000 ($23,183) per metric ton for the fifth day in a row.

The price of Chinese primary nickel fell 0.1 percent to CNY 135,500 ($21,664) per metric ton. The Allegheny Ludlum 316 stainless surcharge saw essentially no change for the fifth day in a row, remaining around $1.29 per pound. The price of Chinese 316 stainless coil remained essentially flat at CNY 26,000 ($4,157) per metric ton. The price of Chinese 304 stainless coil saw little movement at CNY 16,400 ($2,622) 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 ($2,574) per metric ton.

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