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.
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.
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.