Stainless steel prices get lift from LME nickel gain
May 13, 2014 | 03:30 PM
| Rey Mashayekhi
NEW YORK Stainless steel prices have risen in May despite failed price increases from major domestic producers AK Steel Corp. and Allegheny Technologies Inc. (ATI), with higher raw material surcharges driven by rapidly escalating London Metal Exchange nickel prices.
Market participants cited rising monthly surchargeswhich increased more than 9 percent for Type 304 material and more than 12 percent for Type 316 material from most major domestic producersin discussing May stainless steel prices that were higher across a variety of product forms.
AMMs assessment of stainless steel prices for Type 304 coiled plate rose to $1.32 per pound from $1.25 previously, Type 316 coiled plate climbed to $1.80 per pound from $1.72, Type 304 bar jumped to $1.68 per pound from $1.56, Type 316 bar rose to $2.22 per pound from $2.10, Type 304 cold-rolled sheet increased to $1.40 per pound from $1.32 and Type 316L cold-rolled sheet climbed to $1.92 per pound from $1.75.....
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