China’s Baoshan Iron & Steel (Baosteel) has cut its domestic prices of 300-series stainless steel coil by 300 CNY/million tons ($49/mt) for October on lower nickel and spot stainless steel prices, a company official said on Monday, September 29.
The company’s decision took the steelmaker’s October selling price for grade 304 3 mm HRC to 16,000 CNY/mt and that for grade 304 2 mm 2B CRC to Yuan 17,300 CNY/mt.
Baosteel kept its grade 430 prices unchanged for October.
With a 1.4% increase over the past day, the spot price of nickel was the biggest mover on the LME, closing at $16,265 per metric ton on Monday, October 6. On the LME, the nickel 3-month price rose 1.2% to $16,305 per metric ton. The Indian nickel cash price fell 0.9% to INR 1,002 ($16.24) per kilogram.
Chinese stainless steel prices closed flat for the day. The price of Chinese ferro-chrome continues hovering around CNY 8,300 ($1,338) per metric ton for the fifth day in a row. For the fifth consecutive day, the price of Chinese ferro-moly held flat at CNY 145,000 ($23,370) per metric ton.
The Allegheny Ludlum 316 stainless surcharge held steady at $1.25 per pound. The price of Chinese 316 stainless coil saw little movement at CNY 26,000 ($4,190) 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 ($2,643) per metric ton. For the fifth consecutive day, the price of Chinese 316 stainless steel scrap held flat at CNY 16,100 ($2,595) 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 ($2,643) per metric ton.