Stung by cheap imports from Russia, China and other free trade agreement (FTA) countries, stainless steel manufacturers in India have cut prices to 7-10% below the cost of production, according to the Business Standard.

FREE Download: The Monthly MMI® Report – covering the Stainless/Nickel markets.

Stainless steel imports have witnessed a significant increase in the first 9 months (April – December) of India’s current financial year.

The Indian nickel cash price saw a 2.1% increase on Tuesday, February 3, reaching INR 954.60 ($15.46) per kilogram and making it the biggest mover for the day. After a 2.0% increase, the nickel 3-month price finished the day on the LME at $15,100 per metric ton. On the LME, the spot price of nickel increased 1.8% to $15,045 per metric ton.

* Get the complete prices every day on the MetalMiner IndX℠

Chinese stainless steel closed mixed yesterday. The price of Chinese ferro-chrome was unchanged at CNY 10,950 ($1,749) per metric ton. Chinese ferro-moly saw little change in its price yesterday at CNY 82,000 ($13,096) per metric ton.

At CNY 110,500 ($17,648), the price of Chinese primary nickel finished the market day up 0.9% per metric ton. For the fifth consecutive day, the Allegheny Ludlum 316 stainless surcharge held flat at $0.94 per pound. The price of Chinese 316 stainless coil remained essentially flat at CNY 23,700 ($3,785) per metric ton. The price of Chinese 304 stainless coil saw little movement at CNY 16,700 ($2,667) per metric ton. The price of Chinese 316 stainless steel scrap continues hovering around CNY 12,950 ($2,068) per metric ton for the fifth day in a row.