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Latest Stainless Steel News 03/03/2010
Wed 3 Mar 2010
Nickel seems to support at $20,000/mt. After nickel prices soared above $20,000/mt and remained there since mid-February, market participants predict that prices will continue to hover above this level in the near-term. Nickel prices could correct but it is doubtful that any correction will be huge.
Market watchers had predicted at the beginning of the year when nickel prices had hovered around $18,000/t that for prices to hit $20,000/t would be hard. However, prices surged in mid-February, not on supply and demand fundamentals, but mostly due to positive US economic data, a weakening US dollar and price rallies by other metals.
Spot nickel prices further surged to the year's high of $22,240/mt on 3 March, bolstered by a rally in copper prices. This followed news of Chilean copper mines being affected by the massive earthquake last weekend.
Yusco to raise March stainless pricesTaiwan's Yieh United Steel Corp. (Yusco) has announced increase for March list prices, stimulated by increasing nickel price and improved demand.
For export market, the company's price of 300 series hot rolled and cold rolled stainless steel products was raised by US$170~270/MT and 400 series stainless steel products raised by US$60~100/ton. For domestic market, price of 300 series hot rolled stainless steel products and steel billet was up by NT$5,000/ton and 300 series cold rolled stainless steel products was up by NT$4,000/ton.
The extra-charge for 316L was increased by NT$3,000/ton. The domestic price of 400 series stainless steel products was kept at the same level.
European mills to increase stainless steel alloy surcharges for March European mills are planning to increase austenitic stainless steel alloy surcharges for March. For grade 304 and 316, they will increase the alloy surcharge by 6 percent and 9 percent to €1,185/ton and €1,977/ton. In terms of grade 430 stainless steel alloy surcharge, it will up by 6.5 percent to €303/ton.
On the other hand, Acerinox will remain two months surcharge format; therefore the alloy surcharge of grade 304 is about €1,084/ton, the alloy surcharges of grade 316 is about €1,737/ton and for grade 430 is about €316/ton.
