Stainless steel prices in Europe were stable this week amid expectations of dramatically increased alloy surcharges for October, sources told Fastmarkets on Friday September 20.
October alloy surcharges will be based on nickel prices between August 21 and September 20. During this time, the average price for nickel, 3-months, London Metal Exchange Daily Official, was $17,178 per tonne, up by $2,183 per tonne, or 15%, from $14,995 per tonne the previous month.Based on this, market participants expected the surcharge for grade-304 stainless steel cold-rolled sheets to increase by ?,?180-200 ($199-221) per tonne from September's level. Most European mills were expected to announce October surcharge levels next week.The market was still reacting...