South Korean steelmaker POSCO said in a statement on Tuesday it has slashed its monthly stainless steel prices for July by 200,000 Korean won ($200) a ton to reflect easing nickel prices, swinging back to price levels from a month earlier.
The world’s fifth-largest steelmaker at the end of May hiked its June prices for 300 stainless steel product lines by 200,000 won a ton to reflect a nickel price rally.
On Monday, June 30, the spot price of nickel experienced the biggest change, rising 0.9 percent on the LME to $18,760 per metric ton. On the LME, the nickel 3-month price rose 0.7 percent to $18,825 per metric ton. After a couple of days of improving prices, the cash price of primary Indian nickel held steady at INR 1,137 ($18.93).
Chinese stainless steel prices were flat for the day. The price of Chinese ferro-chrome remained essentially flat at CNY 8,300 ($1,334) per metric ton. For the fifth consecutive day, the price of Chinese ferro-moly held flat at CNY 145,000 ($23,309) per metric ton.
The price of Chinese primary nickel saw little movement yesterday at CNY 127,850 ($20,552) per metric ton. The Allegheny Ludlum 316 stainless surcharge saw little price change yesterday at $1.31 per pound. For the fifth day in a row, the price of Chinese 316 stainless coil remained essentially flat at CNY 26,000 ($4,180) per metric ton. The price of Chinese 304 stainless coil remained essentially flat at CNY 16,400 ($2,636) per metric ton. The price of Chinese 316 stainless steel scrap was unchanged at CNY 16,100 ($2,588) per metric ton.