Zhangjiagang Pohang Stainless Steel Co. increased the purchase price for high-grade nickel pig-iron to 980 CNY per mtu, up 20 CNY, Shanghai Metals Market reported.
Lianzhong (Guangzhou) Stainless Steel, after suspending purchases for nearly 2 months, also released its procurement price at 1,000 CNY per mtu for the material, SMM reported.
On Wednesday, November 5, the day’s biggest mover was the Indian nickel cash price, which saw a 3.0% decline to INR 938.00 ($15.30) per kilogram. On the LME, the nickel 3-month price declined 2.9% to $15,215 per metric ton. On the LME, the spot price of nickel fell 2.6% to $15,150 per metric ton.
Chinese stainless steel prices closed flat for the day. For the fifth day in a row, the price of Chinese ferro-chrome remained essentially flat at CNY 8,300 ($1,351) per metric ton. The price of Chinese ferro-moly saw essentially no change for the fifth day in a row, remaining around CNY 145,000 ($23,609) per metric ton.
The Allegheny Ludlum 316 stainless surcharge held steady at $1.06 per pound. The price of Chinese 316 stainless coil saw little movement at CNY 26,000 ($4,233) per metric ton. The price of Chinese 304 stainless coil remained essentially flat at CNY 16,400 ($2,670) per metric ton. The price of Chinese 316 stainless steel scrap continues hovering around CNY 16,100 ($2,621) per metric ton for the fifth day in a row. The price of Chinese 304 stainless steel scrap was unchanged at CNY 16,400 ($2,670) per metric ton.