The prices for steel and stainless steel scrap in China dropped in line with HRC steel prices at the Shanghai Futures Exchange last week and are now hovering around those levels.
Slowing construction activity in northern China due to unseasonal weather have cut demand for steel products, while persistently tight liquidity in the new year has constrained traders’ restocking.
The price of Chinese ferro-chrome continues hovering around CNY 10,950 ($1,751) per metric ton for the fifth day in a row. The price of Chinese ferro-moly was unchanged at CNY 87,000 ($13,909) per metric ton.
After three essentially changeless days, the Allegheny Ludlum 316 stainless surcharge dropped 6.7% on Tuesday to $0.94 per pound. The price of Chinese primary nickel rose 2.2% to CNY 107,500 ($17,186) per metric ton after a two-day drop. The price of Chinese 316 stainless coil held steady at CNY 23,700 ($3,789) per metric ton. The price of Chinese 304 stainless coil saw little movement at CNY 16,700 ($2,670) per metric ton. The price of Chinese 316 stainless steel scrap remained essentially flat at CNY 12,950 ($2,070) per metric ton.
The nickel spot price weakened by 0.2% on the LME, settling at $14,370 per metric ton. On the LME, the 3-month price of nickel declined 0.2% to $14,425 per metric ton. The Indian nickel cash price held steady around INR 910.00 ($14.81) per kilogram.