According to data released by Russia’s special steel association Spetsstal, the country’s exports of stainless steel products decreased by 66.5% in January to August period on yearly basis.
For the same period, the country’s exports of stainless steel billets plunged by 94.7%; those of flat rolled products decreased by 37.4%, both compared to the figures in the same period of 2013.
However, the exports of stainless steel seamless pipe registered an increase of 1.5% year-on-year. Much of the drop is due to international sanctions on Russia over the situation in Ukraine.
On Friday, October 3, the day’s biggest mover was the nickel spot price, which saw a 1.2% increase on the LME to $16,040 per metric ton. On the LME, the nickel 3-month price rose 0.9% to $16,110 per metric ton. The cash price of primary Indian nickel declined 0.7% to INR 1,012 ($16.46) per kilogram.
Chinese stainless steel prices were flat for the day. The price of Chinese ferro-chrome was unchanged at CNY 8,300 ($1,352) per metric ton. For the fifth day in a row, the price of Chinese ferro-moly remained essentially flat at CNY 145,000 ($23,620) per metric ton.
The Allegheny Ludlum 316 stainless surcharge saw little movement at $1.25 per pound. The price of Chinese 316 stainless coil saw essentially no change for the fifth day in a row, remaining around CNY 26,000 ($4,235) per metric ton. The price of Chinese 304 stainless coil continues hovering around CNY 16,400 ($2,672) 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 ($2,623) per metric ton. The price of Chinese 304 stainless steel scrap held steady at CNY 16,400 ($2,672) per metric ton.