US stainless: Surcharges nudge lower

US stainless steel producers' monthly alloy surcharges for austenitic grades of stainless steel flat-rolled products dropped narrowly for November shipments.

This marks the first month on month drop since June.

US producers North American Stainless, AK Steel, Allegheny Technologies and Outokumpu set stainless 304 surcharges at 73.74-76.99¢/lb, down marginally from the prior-month range of 74.34-77.59¢/lb.

The four reporting major US mills said average four-week nickel prices for the period ended 20 October increased by 1pc to $7.91/lb from $7.83/lb a month earlier.

Chromium remained at $1.02/lb as US mills use the quarterly European chromium benchmark for the chromium value in stainless steel scrap.

US stainless steel producers also decreased stainless 316 surcharges for November shipments. The four reporting US mills dropped slightly type 316 surcharges to $1.0635-1.0960/lb from a range of $1.0792-$1.1117/lb a month earlier.

Molybdenum prices fell by 4.2pc to $11.38/lb, down from $11.88/lb during the reporting period ending 20 October.

US producers reported iron at $220/gross tonne (gt), down $40/gt from the month prior.