US stainless: Surcharges nudge lower

Market: Crude oil, Metals
25/10/19

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.

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Washington, 22 April (Argus) — Democratic commissioner Willie Phillips has resigned from the US Federal Energy Regulatory Commission (FERC) after serving more than three years at an agency responsible for permitting natural gas infrastructure and regulating wholesale power markets. Phillips' departure will clear the way for President Donald Trump to nominate a replacement at FERC, who once confirmed by the US Senate would provide Republicans a 3-2 majority for the first time since 2021. Phillips, whose term was not set to expire until June 2026, had a reputation for negotiating bipartisan deals on contentious orders involving pipelines and power market issues in the two years he served as FERC's chairman under former president Joe Biden. Phillips has yet to release a statement explaining his abrupt resignation. But Trump has already fired Democratic commissioners and board members at other agencies that, like FERC, are structured as independent from the White House. Two of the fired Democrats, who were serving at the US Federal Trade Commission, have filed a lawsuit that argues their removal was unlawful under a 1935 decision by the US Supreme Court. The White House did not respond to a question on whether it had pressured Phillips to resign. FERC chairman Mark Christie, a Republican, offered praise for Phillips as a "dedicated and selfless public servant" who sought to "find common ground and get things done to serve the public interest". Christie for months has been downplaying the threats to FERC's independence caused by Trump's executive order that asserts sweeping control over FERC's agenda. Energy companies have come to depend on FERC in serving as independent arbiter in disputes over pipeline tariffs and electricity markets, without the consideration of political preferences of the White House. Former FERC chairman Neil Chatterjee, a Republican who served in Trump's first term, said in a social media post it was "disappointing" to see Phillips pushed out after he "played it straight" in his work at the agency. As chairman, Phillips was able to authorize a "massive LNG project" — the 28mn t/yr CP2 project — at a time when Biden had sought to pause LNG licensing, Chatterjee said. Separately, Paul Atkins was sworn in as the chairman of the US Securities and Exchange Commission (SEC) on 21 April, after the US Senate voted 52-44 earlier this month in favor of his confirmation. Atkins was previously the chief executive of financial consulting firm Patomak Global Partners and served as an SEC commissioner from 2002-08. Republicans will now have a 3-1 majority at the SEC. By Chris Knight Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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22/04/25

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22/04/25

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22/04/25

Tariff ‘shock’ prompts IMF to cut growth outlook

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India imposes 12pc safeguard duty on flat steel imports

22/04/25

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22/04/25

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