Monthly alloy surcharges on austenitic grades of stainless steel flat-rolled products for March in Europe are set to rise modestly, reversing the previous month’s decline, Platts reported according first mill announcements indicated Monday.
Outokumpu, the continent’s largest producer, set its alloy adjustment factor for type 304 (4301) flat products at Eur1,324/million tons ($1,499/mmt) for March, up Eur32 from February.
Dollar-denominated nickel prices on the London Metal Exchange have stabilized somewhat in recent weeks after coming under heavy selling pressure along with the rest of the base metals complex in late 2014.
The Indian nickel cash price saw the biggest decline of the day, dropping 2.2% to close at INR 865.10 ($13.91) per kilogram on Friday, February 20. The nickel spot price weakened by 1.4% on the LME, settling at $13,925 per metric ton. On the LME, the nickel 3-month price fell 1.2% to $13,980 per metric ton.
Chinese stainless steel prices closed flat for the day. For the fifth consecutive day, the price of Chinese ferro-chrome held flat at CNY 10,950 ($1,750) per metric ton. The price of Chinese ferro-moly saw essentially no change for the fifth day in a row, remaining around CNY 82,000 ($13,107) per metric ton.
The Allegheny Ludlum 316 stainless surcharge saw little movement at $0.94 per pound. The price of Chinese 316 stainless coil continues hovering around CNY 23,700 ($3,788) per metric ton for the fifth day in a row. The price of Chinese 304 stainless coil was unchanged at CNY 16,700 ($2,669) per metric ton. The price of Chinese 316 stainless steel scrap remained essentially flat at CNY 13,050 ($2,086) per metric ton. The price of Chinese 304 stainless steel scrap held steady at CNY 9,450 ($1,511) per metric ton.