With durable goods orders being up seven of the last eight months, and increasing $9.4 billion or 4.3 percent to $230 billion in December, according to recent Census figures, it’s no wonder stainless producers such as Outokumpu have a good outlook for stainless demand.
According to this story, the company is looking to hire 150 more workers at their Calvert, Alabama, facility — which used to be part of ThyssenKrupp.
The week’s biggest mover on the weekly Stainless MMI® was the nickel 3-month price, which saw a 6.4 percent increase on the LME to $18,460 per metric ton. This comes on the heels of a 0.6 percent decline the week prior.
The spot price of nickel rose 6.3 percent on the LME to $18,370 per metric ton after falling 0.6 percent during the previous week.
The cash price of primary Indian nickel rose 5.4 percent after falling 2.2 percent during the previous week. The price of Chinese primary nickel rose 4 percent after falling 0.2 percent during the previous week.
Prices for Chinese stainless steel were up for the week. Following a steady week, prices for Chinese ferro-chrome closed flat. Prices for Chinese ferro-moly remained constant.
Chinese 304 stainless steel scrap saw its price rise 2.8 percent over the past week. Chinese 304 stainless coil prices ticked up 2.8 percent over the past week as well. Chinese 316 stainless coil gained a slight 1.5 percent. Chinese 316 stainless steel scrap rose 0.6 percent over the past week.
Korean 430 stainless steel coil traded sideways last week. Korean 304 stainless coil remained unchanged for the 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.