POSCO Cuts Stainless Prices Despite Rising Nickel Costs

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South Korean steel giant POSCO announced a cut in its domestic prices for stainless coils by KRW 100,000 per ton for August delivery due to weak market conditions, despite of higher nickel prices.

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The spot price of nickel saw a 0.7 percent increase on Wednesday, August 6, reaching $18,485 per metric ton on the LME and making it the biggest mover for the day. At $18,550, the nickel 3-month price finished the market day on the LME up 0.4 percent per metric ton. The Indian nickel cash price weakened by 0.3 percent, settling at INR 1,133 ($18.54) per kilogram.

Chinese stainless steel prices were mixed for the day. The price of Chinese ferro-chrome was unchanged at CNY 8,300 ($1,345) per metric ton. The price of Chinese ferro-moly held steady at CNY 145,000 ($23,498) per metric ton.

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The price of Chinese primary nickel moved on Wednesday. After a few changeless days, prices dropped 0.6 percent to CNY 129,050 ($20,914) per metric ton. The Allegheny Ludlum 316 stainless surcharge continues hovering around $1.28 per pound for the fifth day in a row. For the fifth day in a row, the price of Chinese 316 stainless coil remained essentially flat at CNY 26,000 ($4,213) per metric ton. The price of Chinese 304 stainless coil held steady at CNY 16,400 ($2,658) per metric ton. The price of Chinese 316 stainless steel scrap saw little movement at CNY 16,100 ($2,609) per metric ton.

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