Latest Stainless Steel News 30/09/2010

Thu 30 Sep 2010

LME Nickel price hits $23,000/ton again

LME nickel price stood at US$23,000/ton again yesterday. Meanwhile, the price for 3-month delivery is US$23,090/ton; the spot price is US$23,117/ton. Accordingly, it supports steel mills to increase the price for October.

The nickel price continues going strong in September. It hit the highest level of past five months on September 14th, however slid immediately to US$22,500~US$22,900/ton.

Since nickel price rises to NT$23,000/ton and furthermore some mills in Taiwan have not recovered from the disasters brought by typhoon, it is expected that steel mills would increase the price for October.

Indian stainless steel users demand dropping of anti dumping

All India Stainless Steel Industries Association has announced that stainless steel cookware, kitchen equipment and cutlery manufacturers and exporters in the country already facing pressures due to the global downturn and steep declines in exports have sought immediate intervention of Commerce Minister for immediate dropping of Anti Dumping proceedings initiated by Directorate General of Anti Dumping & Allied Duties under Ministry of Commerce against import of certain grades of Cold Rolled Stainless Steel widely used by the highly export oriented industry.

AISSIA stated that "More than 10,000 end user stainless steel utensil and Cutlery manufacturing and exporting units employing about 300,000 workers across the country are already facing problems due to the earlier Anti dumping duty on imports of stainless steel coils the basic raw material for utensils and kitchenware imposed by Ministry of commerce to protect the interests of a single family owned local manufacturer Jindal Stainless."

NSSC to reduce production and prices for stainless steel products

Nippon Steel & Sumikin Stainless Steel Co is ready to cut production and prices for steel products.

NSSC said that "However, the surcharge may be slightly larger. Although we have already announced that in October the base prices remain unchanged, market conditions may force us to reconsider this decision, especially since some manufacturers have already begun to reduce the internal price lists."

It is recalled that in late March 2010, the company said that the launch facilities for the production of stainless steel at full load. This, in particular, the release of stainless steel sheets for automotive industry. Because of this concern will increase the production of these products, which will send both to the domestic market and for export.

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