The monthly Stainless MMI® registered a value of 91 in June, a decrease of 9 percent from 100 in May. The Stainless MMI® baseline began on January 1, 2012, at a value of 100. This report serves as the first public release of this data.
Source: MetalMiner IndX℠
(Editor’s Note: Data will be presented in graph format, but we caution readers to note the range on the Y-axis.)
To see the drivers of this monthly index and for more commentary, click below.
“Though many look at copper as the key commodity to watch, we prefer stainless because it tells us about white goods demand,” said Lisa Reisman, managing editor of MetalMiner. “The Stainless MMI® dropped rather significantly during this past month — buying organizations will want to closely monitor surcharges and the rates of decline over the next two to three months.”
Drivers of this Month’s Change in the Stainless MMI®
The nickel spot price declined 5.8 percent on the LME over the month to $16,370 per metric ton. The LME 3-month price of nickel closed the month at $16,470 per metric ton after dropping 5.7 percent. The price of Chinese primary nickel declined 5.6 percent.
Chinese 316 stainless coil prices fell 3.5 percent, while the price of Chinese 316 stainless steel scrap fell 3.3 percent. Chinese 304 stainless steel scrap finished the month with a 3.2 percent decline in price, as did Chinese 304 stainless coil.
The Allegheny Ludlum 304 stainless surcharge closed the month dropping 2.9 percent. The Allegheny Ludlum 316 stainless surcharge was also down 2.9 percent for the month.
The price of Chinese ferro-chrome held steady last month. Last month was consistent for Chinese ferro-moly as well, which did not move.
Korean 304 stainless coil experienced a flat month, staying below $3,600 per metric ton. Hovering below $2,200 per metric ton for the month, Korean 430 stainless steel coil remained unchanged.
The Stainless MMI® collects and weights 14 global stainless steel and raw material price points to provide a unique view into stainless steel price trends over a 30-day period. MetalMiner will publish the monthly MMI® reports during the first week of the month, every month. Paid subscribers have access to all the data on the first of the month and can also obtain the actual price points for constituent elements that comprise the Stainless MMI®.
For more information on the Stainless MMI®, how it’s calculated or how your company can use the index, please drop us a note at: info (at) agmetalminer (dot) com.