The International Stainless Steel Forum (ISSF) recently released figures for the first half of 2014 showing that stainless steel melt shop production increased by 10.6% year–on–year to 20.9 million metric tons (mmt). Production increased in all regions except for Central and Eastern Europe.
The spot price of nickel saw little movement on Wednesday, September 17, remaining at $17,895 per metric ton on the LME. The nickel 3-month price flattened at $18,000 per metric ton after two days of downward movement on the LME. After a couple of days of decreasing prices, the cash price of primary Indian nickel held steady at INR 1,121 ($18.41).
Chinese stainless steel prices were flat for the day. The price of Chinese ferro-chrome held steady at CNY 8,300 ($1,352) per metric ton. For the fifth consecutive day, the price of Chinese ferro-moly held flat at CNY 145,000 ($23,612) per metric ton.
The Allegheny Ludlum 316 stainless surcharge saw little movement at $1.26 per pound. For the fifth day in a row, the price of Chinese 316 stainless coil remained essentially flat at CNY 26,000 ($4,234) per metric ton. The price of Chinese 304 stainless coil saw essentially no change for the fifth day in a row, remaining around CNY 16,400 ($2,671) per metric ton. The price of Chinese 316 stainless steel scrap continues hovering around CNY 16,100 ($2,622) 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 ($2,671) per metric ton.