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.
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.
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.