Finland’s Outokumpu, Europe’s biggest stainless steel producer, said it expects the overall stainless steel operating environment to be “lackluster” in the fourth quarter, McGraw-Hill Financial’s Platts reported.
“This is driven by the recent decline in the nickel price, which is negatively impacting demand in the distributor sector as well as the general economic slowdown, especially in Europe and China,” the company said in its third-quarter results statement.
On Thursday, November 6, the day’s biggest mover was the nickel 3-month price, which saw a 1.2% decline on the LME to $15,025 per metric ton. The spot price of nickel saw a 1.2% decline on the LME to $14,975 per metric ton. The cash price of primary Indian nickel steadied at INR 937.40 ($15.29) per kilogram following two-days of dropping prices.
Chinese stainless steel prices were flat for the day. The price of Chinese ferro-chrome was unchanged at CNY 8,300 ($1,351) per metric ton. The price of Chinese ferro-moly saw little movement at CNY 145,000 ($23,609) per metric ton.
For the fifth consecutive day, the Allegheny Ludlum 316 stainless surcharge held flat at $1.06 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 ($4,233) per metric ton. The price of Chinese 304 stainless coil continues hovering around CNY 16,400 ($2,670) 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 ($2,621) per metric ton. The price of Chinese 304 stainless steel scrap continues hovering around CNY 16,400 ($2,670) per metric ton for the fifth day in a row.