European mills are likely to seek basis price increases in the first quarter of 2015, if not in January, the Hellenic Shipping News reports. Producers and traders are hopeful of increased tonnages next year but there is a widely held belief that volumes will be similar to those in 2014.
While low oil prices have boosted consumer spending, they have had a seriously negative effect on exploration investment, particularly in the UK and Norway.
The price of Chinese ferro-chrome saw little movement at CNY 10,950 ($1,759) per metric ton. For the fifth day in a row, the price of Chinese ferro-moly remained essentially flat at CNY 90,000 ($14,459) per metric ton.
The Allegheny Ludlum 316 stainless surcharge rose by 4.0% to $1.01 per pound. Following a couple days of improvement, the price of Chinese primary nickel weakened by 1.2%. Prices closed at CNY 107,900 ($17,334) per metric ton. The price of Chinese 316 stainless coil held steady at CNY 23,700 ($3,807) per metric ton. The price of Chinese 304 stainless coil held steady at CNY 17,500 ($2,811) per metric ton. The price of Chinese 316 stainless steel scrap saw little movement at CNY 13,350 ($2,145) per metric ton.
The cash price of primary Indian nickel weakened by 1.8%, settling at INR 970.00 ($15.23) per kilogram. The spot price of nickel fell 1.0% to $15,100 per metric ton on Tuesday on the LME after two days of no change. Tuesday saw the nickel 3-month price drift down 0.8% on the LME to $15,180 per metric ton after a couple of stagnant days.