Worried over large-scale imports amid a sharp fall in international steel prices, Indian manufacturers have sought government intervention to restrict large-scale imports by imposing stiff trade barriers, Livemint reported. The industry has lobbied India’s government to increase import duty on TMT/rebar, stainless steel, hot and cold rolled coils to 10% from 7.5%.
Excess steel capacity in China and other countries is leading to dumping in India. Furthermore, currency depreciation of Russia’s ruble has caused dumping in India. Steel products can also be imported from Japan and South Korea free under a free trade agreement.
The nickel spot price fell 2.9% on Thursday, February 5 to $14,925 per metric ton on the LME, making it the day’s biggest mover. The 3-month price of nickel changed direction with a 2.4% drop. After two days of improving prices, the metal finished at $15,000 per metric ton on the LME. The cash price of primary Indian nickel declined 1.9% to INR 932.20 ($15.07) per kilogram.
Chinese stainless steel closed mixed yesterday. For the fifth day in a row, the price of Chinese ferro-chrome remained essentially flat at CNY 10,950 ($1,753) per metric ton. The price of Chinese ferro-moly remained steady at CNY 82,000 ($13,128) per metric ton.
The price of Chinese primary nickel fell 1.7% to CNY 108,600 ($17,387) per metric ton. Following three days of little change, the price of Chinese 304 stainless steel scrap rose by 1.1% to CNY 9,450 ($1,513) per metric ton. The price of Chinese 316 stainless steel scrap gained 0.8%, closing at CNY 13,050 ($2,089) per metric ton. The Allegheny Ludlum 316 stainless surcharge saw essentially no change for the fifth day in a row, remaining around $0.94 per pound. The price of Chinese 316 stainless coil saw little movement at CNY 23,700 ($3,794) per metric ton.