India stainless prices might be up by 7%
The nickel price has gone up to more than USD 49,000 per million tonnes on the LME last week, almost double since January 2006. The stainless steel industry in India could increase stainless steel prices by 7%.
According to the Indian Stainless Steel Development Association, the final product prices might have a price rising range from about INR 5,000 per ton to INR14,000 per ton. The industry has approached the Ministry of Finance to reduce the import duty on nickel.from 5% to nil
It’s also expected that the nickel supply will keep tight due to the strong market demand till 2010.
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