Chinese stainless steel mills have lowered their prices of nickel pig iron for July delivery.
“Demand is falling as stainless steel mills usually cut production for maintenance in summer,” a trader in Shandong province told MetalBulletin. Taigang Stainless Steel, the country’s largest stainless steel producer, cut its July delivery price of high grade NPI by 90 yuan from the previous month to 1,280 yuan per ton.
Chinese stainless steel prices closed flat for the day. The price of Chinese ferro-chrome saw essentially no change for the fifth day in a row, remaining around CNY 8,300 ($1,338) per metric ton. The price of Chinese ferro-moly remained essentially flat at CNY 145,000 ($23,370) per metric ton.
The cash price of primary Indian nickel saw the biggest increase at 1.7 percent, finishing at INR 1,156 ($19.25) per kilogram for Tuesday, July 1. Following two days of rising prices, the spot price of nickel dropped 0.3 percent on the LME to $18,705 per metric ton. After improving for two days, the 3-month price of nickel declined 0.2 percent on the LME to $18,795 per metric ton.
The Allegheny Ludlum 316 stainless surcharge showed little movement on Tuesday 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 ($4,191) per metric ton. The price of Chinese 304 stainless coil was unchanged at CNY 16,400 ($2,643) per metric ton. For the fifth consecutive day, the price of Chinese 316 stainless steel scrap held flat at CNY 16,100 ($2,595) per metric ton. The price of Chinese 304 stainless steel scrap held steady at CNY 16,400 ($2,643) per metric ton.