Daily Nickel and Stainless Price Movements
On Nov. 2, 2012, the Indian nickel cash price fell by 0.9 percent, putting it into a tie for the day’s biggest mover on MetalMiner’s stainless price index with he price of Chinese primary nickel, which also increased 0.9 percent.
On the LME, the nickel 3-month price inched up 0.7 percent to $16,390 per metric ton. On the LME, the nickel spot price gained 0.5 percent to finish at $16,305 per metric ton.
Meanwhile, Chinese 304 and 316 stainless prices didn’t move on Nov. 2.
Weekly Stainless Price Movements
The biggest mover on the weekly stainless price index was the price of Chinese 304 stainless steel scrap, which saw a 1.6 percent decline. This week marked the third in a row of declining prices for the metal.
The price of Chinese 304 stainless coil also fell 1.6 percent over the past week, the third week in a row of declining prices. Chinese 316 stainless steel scrap fell 1.2 percent. Chinese 316 stainless coil saw a 0.7 percent decline.
Korean 430 stainless steel coil prices traded sideways last week, and Korean 304 stainless coil remained constant.
For the third week in a row, the price of Chinese primary nickel dropped, falling 0.2 percent. The Indian nickel cash price rose 0.3 percent after falling 5.5 percent during the previous week.
Closing out the third week of declining prices, the spot price of nickel dropped by 0.6 percent on the LME, finishing at $16,305 per metric ton. At $16,390 per metric ton, the nickel 3-month price finished the week down 0.2 percent on the LME.
Chinese ferro-chrome prices held steady from the previous week, and prices for Chinese ferro-molybdenum closed flat.
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.