Daily Stainless and Nickel Market Activity
The Indian nickel cash price saw a 2.6 percent drop on July 20, 2012, making it the biggest mover of the day. After a 1.2 percent increase, the spot price of nickel finished the day on the LME at $16,175 per metric ton. At $16,175, the 3-month price of nickel finished the market day on the LME up 0.8 percent per metric ton.
The price of Chinese primary nickel fell one percent on Friday. Chinese stainless prices saw no daily movement.
Weekly Stainless Steel Index Prices
The Indian nickel cash price dropped 2.9 percent on the week overall, making it the biggest mover on the weekly Stainless MMI®. The spot price of nickel rose 2.1 percent on the LME to $16,175 per metric ton after falling 6.4 percent during the previous week. The 3-month price of nickel rose 0.6 percent on the LME to $16,175 per metric ton after falling 5.3 percent during the previous week.
Chinese ferro-chrome traded sideways last week, making it just above $1,300 per metric ton. Following a steady week, prices for Chinese ferro-moly closed flat. The price of Chinese primary nickel fell one percent for the week.
Chinese 304 stainless steel scrap rose 1.1 percent over the past week, and so did Chinese 304 stainless coil. The price of Chinese 316 stainless steel scrap fell 0.6 percent, the fourth week in a row of declining prices. Chinese 316 stainless coil prices held steady from the previous week below $4,700 per metric ton.
Closing below $2,300 per metric ton, Korean 430 stainless steel coil remained unchanged for the week. The price of Korean 304 stainless coil also did not move from the previous 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.