The World Trade Organization declared that the antidumping duties on stainless steel tubes imposed by China on EU and Japanese imports are illegal in light of WTO rules.
The 3-month price of nickel fell 1.0% on the LME to $14,750 per metric ton after rising 1.0% the week before. Following a 0.9% increase in the week prior, the nickel spot price fell 0.6% on the LME last week to $14,735 per metric ton. The week’s biggest mover on the weekly Stainless MMI® was the Indian nickel cash price, which saw a 1.6% decline to INR 924.00 ($14.89) per kilogram. This comes on the heels of a 1.8% increase the week before.
Chinese stainless steel prices were mixed for the week. Closing at CNY 10,950 ($1,756) per metric ton, Chinese ferro-chrome remained unchanged for the week. Following a steady week, prices for Chinese ferro-moly closed flat at CNY 82,000 ($13,148) per metric ton.
The price of Chinese primary nickel fell 1.4% to CNY 107,500 ($17,237) per metric ton after rising 0.6% the week before. At CNY 9,450 ($1,515) per metric ton, the price of Chinese 304 stainless steel scrap did not change since the previous week. Prices for Chinese 316 stainless steel scrap remained constant, closing the week at CNY 13,050 ($2,093) per metric ton. Following a steady week, prices for Chinese 304 stainless coil closed flat at CNY 16,700 ($2,678) per metric ton. Chinese 316 stainless coil traded sideways last week, hovering around CNY 23,700 ($3,800) per metric ton.
Korean 304 stainless coil prices held steady from the previous week at KRW 4.2 million ($3,881) per metric ton. Korean 430 stainless steel coil remained essentially flat from the previous week at KRW 2.6 million ($2,376) per metric ton. Following a steady week, prices for the Allegheny Ludlum 304 stainless surcharge closed flat at $0.70 per pound. Closing at $0.94 per pound, the Allegheny Ludlum 316 stainless surcharge remained unchanged for the week.
The Stainless MMI® collects and weights 14 global stainless steel and raw material price points to provide a unique view into stainless steel price trends. For more information on the Stainless MMI®, how it’s calculated or how your company can use the index, please drop us a note at: info (at) agmetalminer (dot) com.