Nickel Continues Its Climb, ATI Raises Stainless Prices Again

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Allegheny Technologies is preparing to increase stainless steel prices across a wide variety of products in early July. If followed by other domestic manufacturers, would be the third industry-wide increase in the last four months.

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The increase, effective July 7, will affect all grades of cold-rolled sheet and strip, tubular quality sheet and strip, precision-rolled strip products, continuous mill plate and hot-rolled sheet products, ATI said in a letter to customers.

On Wednesday, June 18, the day’s biggest mover was the 3-month price of nickel, which saw a 3.5 percent increase on the LME to $19,025 per metric ton. At $18,925, the nickel spot price finished the market day on the LME up 3.4 percent. At INR 1,156 ($19.17), the cash price of primary Indian nickel finished the market day up 2.1 percent per kilogram.

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Chinese stainless steel closed mixed yesterday. The price of Chinese ferro-chrome remained essentially flat at CNY 8,300 ($1,333) per metric ton. For the fifth consecutive day, the price of Chinese ferro-moly held flat at CNY 145,000 ($23,287) per metric ton.

The price of Chinese primary nickel declined 0.1 percent to CNY 128,850 ($20,693) per metric ton. The Allegheny Ludlum 316 stainless surcharge continues hovering around $1.29 per pound for the fifth day in a row. The price of Chinese 316 stainless coil saw little movement at CNY 26,000 ($4,176) per metric ton. The price of Chinese 304 stainless coil saw essentially no change for the fifth day in a row, remaining around CNY 16,400 ($2,634) 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 ($2,586) per metric ton.

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