Indian stainless steel manufacturers got some relief this week as the government proposed increasing import duties on Chinese and Russian importers.
Surcharges fell in the US as well.
The biggest mover this week was the Allegheny Ludlum 316 stainless surcharge with a 7.9% fall on the weekly Stainless MMI® to close the week at $0.87 per pound. The Allegheny Ludlum 304 stainless surcharge fell to $0.65 per pound after a 7.6% decrease from the previous week. Closing at KRW 4.2 million ($3,881) per metric ton, Korean 304 stainless coil remained unchanged for the week. Korean 304 stainless coil traded sideways last week, hovering around KRW 4.2 million ($3,881) per metric ton.
Chinese stainless steel prices were mixed for the week. Prices for Chinese ferro-chrome remained constant, closing the week at CNY 10,950 ($1,750) per metric ton. At CNY 82,000 ($13,107) per metric ton, the week finished with no movement for Chinese ferro-moly.
The price of Chinese primary nickel dropped 0.7% this week, closing out the third consecutive week of falling prices at CNY 106,100 ($16,959) per metric ton. At CNY 9,450 ($1,510) per metric ton, the price of Chinese 304 stainless steel scrap did not change since the previous week. Chinese 316 stainless steel scrap traded sideways last week, hovering around CNY 13,050 ($2,086) per metric ton. Chinese 304 stainless coil prices held steady from the previous week at CNY 16,700 ($2,669) per metric ton. Following a steady week, prices for Chinese 316 stainless coil closed flat at CNY 23,700 ($3,788) per metric ton.
The cash price of primary Indian nickel rose 3.7% to INR 897.30 ($14.53) per kilogram after falling 6.4% during the previous week. The nickel spot price rose 3.4% on the LME to $14,395 per metric ton after falling 5.5% during the previous week. The 3-month price of nickel rose 3.2% on the LME to $14,430 per metric ton after falling 5.2% during the previous 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.