LME Nickel Spot Price Up Third Week in a Row, Chinese Traders Back

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Chinese metal traders returned to their computer bays and trading floors on Monday after a week-long holiday kept stainless markets generally quiet.

However, while Chinese nickel prices had a flat week, the biggest mover on MetalMiner’s weekly stainless steel price index was the spot price of nickel, which saw a 2.7 percent increase on the LME to $18,640 per metric ton. This week marked the third in a row of rising prices for the metal. Finishing the fourth week of rising prices, the 3-month price of nickel increased by 2.1 percent on the LME, finishing at $18,600 per metric ton.

In global nickel news, according to a report cited by e-stainlesssteel.com, the Malaysian Iron and Steel Industry Federation predicted that the total production of cold rolled (CR) stainless steel in Malaysia, Thailand, Indonesia and Vietnam (the four countries in the Association of Southeast Asian Nations) is expected to reach 1.235 million tons in 2015, surging sharply from 400,000 tons in 2010.

Also, according to e-stainlesssteel.com, South Korean steel giant Posco announced to raise its list prices for austenitic hot rolled and cold rolled coils by 200,000 won per ton for October contracts, in response to sharply rising nickel prices.

How did other nickel, stainless steel and raw material input prices fare for the week on the MetalMiner IndX(SM)?

The cash price of primary Indian nickel fell 1.8 percent after rising 0.6 percent the week before.

The price of Chinese ferro-chrome did not change since the previous week, and Chinese ferro-molybdenum remained unchanged for the week.

Chinese stainless steel prices were flat for the week. 304 stainless steel scrap, 316 stainless steel scrap, 304 stainless coil and 316 stainless coil all held pat last week as Chinese metal traders took time off for a national holiday.

Following a steady week, prices for Korean 430 stainless steel coil closed flat, and the week also finished with no movement for Korean 304 stainless coil.

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.

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