From AK Steel’s press release last Friday, the company said that “it will increase base prices for all 200, 300 and 400 series flat rolled stainless steel products, effective with shipments on December 30, 2012.
The release continued, “AK Steel said this increase will be achieved through a reduction in the functional discount of four percentage points for cold rolled and hot rolled products. Base prices of automotive exhaust grades will increase by $0.04 per pound. All raw material surcharges for stainless steel products, including those for materials under .015 inch thickness, will remain in effect.”
The Week’s Stainless and Nickel Price Movers
The biggest mover on the weekly Stainless MMI® was the 3-month price of nickel, which saw a 2.2 percent decline on the LME to $16,025 per metric ton. Last week marked the fourth in a row of declining prices for the metal.
Closing out the third week of declining prices, the spot price of nickel dropped by 2.1 percent on the LME, finishing at $15,955 per metric ton.
The Indian nickel cash price fell 0.3 percent after rising 0.3 percent the week before. The price of Chinese primary nickel finished the week down 1 percent.
For the third week in a row, the price of Chinese 316 stainless steel scrap dropped, falling 0.6 percent. The price of Chinese 304 stainless steel scrap rose 0.6 percent after falling 1.6 percent during the previous week.
The price of Chinese 304 stainless coil rose 0.6 percent after falling 1.6 percent during the previous week. The price of Chinese 316 stainless coil dropped 0.4 percent this week, closing out the third consecutive week of falling prices.
Following a steady week, prices for Korean 430 stainless steel coil closed flat, and Korean 304 stainless coil remained unchanged for the week.
Chinese ferro-chrome remained essentially flat from the previous week, and the price of Chinese ferro-moly did not change either.
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.