Finland’s Outokumpu, the continent’s largest producer, set its alloy adjustment factor for type 304 (4301) flat products at € 1,315 per million tons ($1,665/mt) for November, down €129 from October.
London Metal Exchange nickel prices spiked over 60% in the first half of the year on the back of Indonesia’s ban on the export of unprocessed ores and concentrates, but the market has since given back the bulk of its gains.
The day’s biggest mover was the nickel spot price which dropped by 0.7% on Wednesday, October 22 to close at $15,200 per metric ton on the LME. On the LME, the nickel 3-month price fell 0.6% to $15,300 per metric ton. After a 0.3% increase, the cash price of primary Indian nickel finished the day at INR 943.10 ($15.38) per kilogram.
Chinese stainless steel prices closed 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 ($23,609) per metric ton.
For the fifth day in a row, the Allegheny Ludlum 316 stainless surcharge remained essentially flat at $1.25 per pound. The price of Chinese 316 stainless coil held steady at CNY 26,000 ($4,233) per metric ton. The price of Chinese 304 stainless coil saw little movement at CNY 16,400 ($2,670) per metric ton. The price of Chinese 316 stainless steel scrap saw essentially no change for the fifth day in a row, remaining around CNY 16,100 ($2,621) 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 ($2,670) per metric ton.