The monthly Stainless MMI® registered a value of 88 in September, a decrease of 1.1 percent from 89 in August.
“Despite strong July durable goods orders, rising close to 40 percent above the recessionary low according to Gerdau Market Update, stainless prices and surcharges continue to decline,” said Lisa Reisman, managing editor of MetalMiner.
“The monthly reading would have likely fallen further without the support of Korean stainless prices that held steady along with ferro-moly prices,” Reisman continued.
US surcharges for 304 and 316 stainless peaked and held steady from March 1 to June 1, but have declined every month since June. Chinese stainless prices have fallen across the board reflecting poor demand.
For the second month in a row, the Allegheny Ludlum 316 stainless surcharge declined, falling 5.5 percent over the past month to $1.04 per pound. The Allegheny Ludlum 304 stainless surcharge fell 2.6 percent over the past month to $0.74 per pound, the second straight month of declines.
At CNY 28,500 ($4,485.22) per metric ton, the price of Chinese 316 stainless coil fell 1.3 percent. After remaining essentially unchanged the previous month, the price of Chinese 304 stainless steel scrap fell 1.3 percent to CNY 17,700 ($2,785) per metric ton. The price of Chinese 304 stainless coil dropped 1.3 percent as well to CNY 17,700 ($2,785) per metric ton after staying flat the previous month. Last month was consistent for Chinese 316 stainless steel scrap, which ticked up 0.4 percent to CNY 16,800 ($2,643) per metric ton.
It was a strong month on the LME for the 3-month price of nickel. LME nickel 3-month reached $16,360 per metric ton after a 4.9 percent increase. The price of Chinese primary nickel, however, dropped 1.6 percent over the past month to CNY 115,300 ($18,145) per metric ton.
Chinese ferro-chrome prices increased slightly, back up to CNY 8,300 ($1,306) per metric ton. Chinese ferro-moly rose a bit last month as well, staying around CNY 145,000 ($22,819) per metric ton.
The price of Korean 304 stainless coil increased about $6 per metric ton, leaving it around KRW 4.2 million ($3,710) per metric ton last month. At a price of KRW 2.6 million ($2,271) per metric ton, Korean 430 stainless steel coil hardly budged, moving up only $3 per metric ton.
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. 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.