China’s Baosteel Raises Stainless Steel Prices

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Baosteel Stainless, one of the major stainless steel producers in China is raising its domestic prices for 300-grade hot rolled stainless steel coils by CNY 200 per ton for September, driven by higher spot market levels.

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The company decided to remain its prices for austenitic and ferritic cold rolled coils unchanged.

Following two days of increases, the cash price of primary Indian nickel dropped by 2.2 percent to end at INR 1,126 ($18.61) per kilogram on Monday, August 25. On the LME, the 3-month price of nickel declined 0.7 percent to $18,725 per metric ton. The nickel spot price saw a 0.5 percent decline on the LME to $18,625 per metric ton.

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Chinese stainless steel prices closed flat for the day. The price of Chinese ferro-chrome continues hovering around CNY 8,300 ($1,344) per metric ton for the fifth day in a row. The price of Chinese ferro-moly was unchanged at CNY 145,000 ($23,488) per metric ton.

The Allegheny Ludlum 316 stainless surcharge remained essentially flat at $1.28 per pound. The price of Chinese 316 stainless coil saw little movement at CNY 26,000 ($4,212) per metric ton. The price of Chinese 304 stainless coil was unchanged at CNY 16,400 ($2,657) per metric ton. The price of Chinese 316 stainless steel scrap held steady at CNY 16,100 ($2,608) 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 ($2,657) per metric ton.

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