Chinese stainless steel output rose 21.2 percent year-on-year to 10.69 million tons from January-June, according to data released Wednesday by the Stainless Steel Council of China Special Steel Enterprises Association (SSC).
There was a rise in output of all stainless grades. The production of 300-series stainless steel increased 27.3% year-on-year to 5.56 million mt in the first six months of the year.
On Tuesday, August 19, the 3-month price of nickel fell by 0.5 percent on the LME, landing at $18,450 per metric ton and making it the day’s biggest mover. The spot price of nickel weakened by 0.5 percent on the LME, settling at $18,415 per metric ton. The Indian nickel cash price declined 0.3 percent to INR 1,135 ($18.67) per kilogram.
Chinese stainless steel prices were flat for the day. The price of Chinese ferro-chrome continues hovering around CNY 8,300 ($1,351) per metric ton for the fifth day in a row. The price of Chinese ferro-moly remained essentially flat at CNY 145,000 ($23,600) per metric ton.
The Allegheny Ludlum 316 stainless surcharge held steady at $1.28 per pound. The price of Chinese 316 stainless coil saw little movement at CNY 26,000 ($4,232) per metric ton. The price of Chinese 304 stainless coil remained essentially flat at CNY 16,400 ($2,669) per metric ton. For the fifth day in a row, the price of Chinese 316 stainless steel scrap remained essentially flat at CNY 16,100 ($2,620) per metric ton. The price of Chinese 304 stainless steel scrap saw essentially no change for the fifth day in a row, remaining around CNY 16,400 ($2,669) per metric ton.