Nickel Down, Indian Stainless Producers Want Higher Import Duties

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The Indian Stainless Steel Development Association has called for an increase in basic customs duty rates on stainless steel flat products to 15 percent from the existing 5 percent. They also want removal of customs duty on key raw materials and on scrap to provide an impetus to the fledgling domestic industry.

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The spot price of nickel experienced the biggest price decline of the day, dropping 0.7 percent on the LME to close at $18,325 per metric ton on Monday, June 23. The cash price of primary Indian nickel fell 0.3 percent to INR 1,128 ($18.74) per kilogram. The 3-month price of nickel weakened by 0.2 percent on the LME, settling at $18,470 per metric ton.

Chinese stainless steel closed mixed on Monday. For the fifth consecutive day, the price of Chinese ferro-chrome held flat at CNY 8,300 ($1,334) per metric ton. The price of Chinese ferro-moly held steady at CNY 145,000 ($23,296) per metric ton.

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The price of Chinese primary nickel declined 0.2 percent to CNY 127,700 ($20,517) per metric ton. The Allegheny Ludlum 316 stainless surcharge saw little movement at $1.29 per pound. The price of Chinese 316 stainless coil saw essentially no change for the fifth day in a row, remaining around CNY 26,000 ($4,177) per metric ton. The price of Chinese 304 stainless coil continues hovering around CNY 16,400 ($2,635) 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 ($2,587) per metric ton.

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