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| European stainless steel surcharge may drop more - 28 Oct, 2008 | ||
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Steel Business Briefing reported that November alloy surcharge numbers have now been issued by all European stainless coil mills using the short fuse four week price monitoring window, and they confirm previous indications of a significant fall in November values. Besides the collapse in nickel prices on the LME from over USD 17,000 per tonne to little more than USD 10,000 per tonne during the calculation period, chrome and molybdenum prices also slipped. The result is that surcharges on austenitic type 304 coil are as much as EUR 359 per tonne down by 23% on October values, while those for type 316 have dropped by up to EUR 531 per tonne down by 18%. Ferritic 430 surcharge values have fallen by a maximum of EUR 87 per tonne down by 12%. The austenitic surcharges for November reflect nickel’s average value of around USD 14,000 per tonne in a four week period of steep price decline, so if the metal’s price remains at current levels of around USD 9,000 per tonne, December’s surcharges will show another very steep fall.  | ||
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