Allegheny Technologies Inc.’s (ATI’s) Flat Rolled Products segment has pushed back a stainless steel base price increase for the second time in three months, with its previously announced July hike now scheduled to take effect Aug. 4.
The price increase was initially set to go into effect in June but was postponed to late July and has now been postponed again.
On Monday, July 7, the day’s biggest mover was the price of Chinese primary nickel, which saw a 2.7 percent decline to CNY 130,400 ($21,006) per metric ton. For the fifth day in a row, the price of Chinese 304 stainless steel scrap remained essentially flat at CNY 16,400 ($2,642) per metric ton. The price of Chinese 316 stainless steel scrap was unchanged at CNY 16,100 ($2,594) per metric ton. The price of Chinese 304 stainless coil continues hovering around CNY 16,400 ($2,642) per metric ton for the fifth day in a row. The price of Chinese 316 stainless coil held steady at CNY 26,000 ($4,188) per metric ton.
The price of Chinese ferro-chrome saw essentially no change for the fifth day in a row, remaining around CNY 8,300 ($1,337) per metric ton. The price of Chinese ferro-moly saw little movement at CNY 145,000 ($23,358) per metric ton.
The nickel spot price declined 2.0 percent on the LME to $19,380 per metric ton, after two days of improvement. Following a couple days of improvement, the nickel 3-month price weakened by 2.0 percent on the LME. Prices closed at $19,450 per metric ton. The cash price of primary Indian nickel saw a 1.7 percent decline to INR 1,165 ($19.49) per kilogram.