The EU has initiated an anti-absorption investigation concerning import of stainless steel wires from India. The European Steel Association claims that export prices have decreased and there has been insufficient movement in selling prices in the EU following the imposition of the anti-dumping duties in November. The association says export prices, resale prices and subsequent sales prices have all suffered as a result of the tariffs.
The increased dumping margin, the association argues, is actually further depressing sales and has not remedied the original problem.
The spot price of nickel fell 3.2% on Wednesday, December 17 to $16,125 per metric ton on the LME, making it the day’s biggest mover. The nickel 3-month price declined 2.8% on the LME to $16,250 per metric ton, after two days of improvement. The Indian nickel cash price weakened by 2.2%, settling at INR 1,024 ($16.08) per kilogram.
Chinese stainless steel closed mixed yesterday. For the fifth day in a row, the price of Chinese ferro-chrome remained essentially flat at CNY 10,950 ($1,769) per metric ton. The price of Chinese ferro-moly held steady at CNY 90,000 ($14,544) per metric ton.
The price of Chinese primary nickel saw a 1.8% decline to CNY 113,300 ($18,309) per metric ton. The Allegheny Ludlum 316 stainless surcharge saw little movement at $0.97 per pound. The price of Chinese 316 stainless coil was unchanged at CNY 23,700 ($3,830) per metric ton. The price of Chinese 304 stainless coil showed little movement on Wednesday at CNY 17,750 ($2,868) per metric ton. The price of Chinese 316 stainless steel scrap remained essentially flat at CNY 13,350 ($2,157) per metric ton.