The week’s biggest mover on the weekly Stainless MMI® was the spot price of nickel, which saw a 6.4 percent decline on the LME to $15,835 per metric ton. This comes on the heels of a 3.4 percent increase the week before.
The nickel 3-month price fell 5.3 percent on the LME to $16,080 per metric ton after rising 3.4 percent the week before. The cash price of primary Indian nickel fell 1.4 percent over the past week. This was the fourth week in a row of declining prices.
According to the site estainlesssteel.com, LME nickel stockpiles in warehouses “rose hard” on Friday, up to 107,100 metric tons, which is close to the highest level seen yet this year — 107,826 tons. Also according to the site, MarketWatch is reporting that we may see lower metals prices this week because of Chinese Premier Wen Jibao’s comments that the economic rebound was “not yet stable.”
The Baltic Dry Index has begun to come off again, standing at a price value of 1,100, after a recent peak on July 10 — the highest since early May.
Meanwhile, Chinese stainless steel prices were mixed for the week. Prices for Chinese ferro-chrome remained constant, closing the week above $1,300 per metric ton. The price of Chinese ferro-moly did not change since the previous week.
Following a 0.7 percent increase in the week prior, the price of Chinese primary nickel fell 3.3 percent last week. Chinese 316 stainless steel scrap closed out the week after a 0.6 percent decline. Chinese 304 stainless steel scrap remained essentially flat from the previous week at above $2,800 per metric ton.
Following a steady week, prices for Chinese 304 stainless coil closed flat, holding very close to the 304 scrap price. Chinese 316 stainless coil prices held steady from the previous week at below $4,700 per metric ton.
At above $2,200 per metric ton, the week finished with no movement for Korean 430 stainless steel coil. Korean 304 stainless coil also remained unchanged for the week.
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. 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.