Nickel, the alloying metal in stainless steel continued to be the top performer on the LME this week as China’s Taigeng and Baosteel both raised nickel pig iron prices.
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Surcharges are increasing in most markets as well.
The Allegheny Ludlum 304 stainless surcharge saw the biggest increase on the weekly Stainless MMI® this week, rising 14.1 percent and settling at $0.90 per pound. The Allegheny Ludlum 316 stainless surcharge increased 11.2 percent over the past week to $1.29 per pound. Closing at KRW 4.2 million ($3,881) per metric ton, Korean 304 stainless coil remained unchanged for the week. Following a steady week, prices for Korean 304 stainless coil closed flat at KRW 4.2 million ($3,881) per metric ton.
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Chinese stainless steel prices were mixed for the week. Chinese ferro-chrome remained essentially flat from the previous week at CNY 8,300 ($1,331) per metric ton. Chinese ferro-moly prices held steady from the previous week at CNY 145,000 ($23,245) per metric ton.
Following a 4.6 percent increase in the week prior, the price of Chinese primary nickel fell 4.6 percent last week to CNY 133,100 ($21,337) per metric ton. Prices for Chinese 304 stainless steel scrap remained constant, closing the week at CNY 16,400 ($2,629) per metric ton. Chinese 316 stainless steel scrap traded sideways last week, hovering around CNY 16,100 ($2,581) per metric ton. Following a steady week, prices for Chinese 304 stainless coil closed flat at CNY 16,400 ($2,629) per metric ton. Closing at CNY 26,000 ($4,168) per metric ton, Chinese 316 stainless coil remained unchanged for the week.
The nickel spot price fell 4.7 percent on the LME to $18,740 per metric ton after rising 4.9 percent the week before. Following a 5.7 percent increase in the week prior, the 3-month price of nickel fell 4.2 percent on the LME last week to $18,820 per metric ton. The Indian nickel cash price fell 2.8 percent to INR 1,122 ($19.04) per kilogram after rising 3.1 percent the week before.
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