MetalMiner’s monthly Stainless MMI® bounced back two points to a value of 80 in January, a 2.6 percent drop from December’s reading.
Nickel prices found support last month, driving the index up. The 3-month price of nickel rose 3.8 percent on the LME, while transactional prices of Chinese and Indian primary nickel went up by 3.4 and 3.5 percent, respectively.
The picture might look positive for nickel, but according to last month’s MMI report, we called for higher prices in the month of December as nickel prices bottomed at the end of November.
Indeed, nickel went up and found resistance again at levels lower than previous peaks, falling back again since the end of December: