Nickel Flat; EU Probing Dumping of Chinese, Taiwan Stainless Steel

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The European Commission will launch an investigation by the end of this month into alleged dumping of stainless steel into the European Union by Chinese and Taiwanese producers, a leading executive told Reuters.

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The case could be the first of a number the European steel industry brings in the coming months to counter record exports from the world’s largest steel producer, China. Manufacturers there are boosting output to new highs, despite a domestic slowdown.

For Friday, June 13, the nickel spot price didn’t move on the LME, sitting at $18,025 per metric ton. The 3-month price of nickel flattened at $18,075 per metric ton after two days of downward movement on the LME. The Indian nickel cash price saw little price change on Monday at INR 1,078 ($18.05) per kilogram.

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Chinese stainless steel prices closed flat for the day. The price of Chinese ferro-chrome continues hovering around CNY 8,300 ($1,336) per metric ton for the fifth day in a row. The price of Chinese ferro-moly saw essentially no change for the fifth day in a row, remaining around CNY 145,000 ($23,343) per metric ton.

The Allegheny Ludlum 316 stainless surcharge held steady at $1.29 per pound. The price of Chinese 316 stainless coil was unchanged at CNY 26,000 ($4,186) per metric ton. The price of Chinese 304 stainless coil remained essentially flat at CNY 16,400 ($2,640) per metric ton. The price of Chinese 316 stainless steel scrap was unchanged at CNY 16,100 ($2,592) per metric ton. The price of Chinese 304 stainless steel scrap saw little movement at CNY 16,400 ($2,640) per metric ton.

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