Whirlpool CEO Jeff Fettig did his best recently to get demand for the durable goods market back up to speed.
ApplianceMagazine.com reported that at EE Global 2013, “Fettig said focusing on appliance replacement is the industry’s biggest opportunity in energy efficiency. By way of example, he said a new washer in 2013 is 77% more efficient than one from the year 2000, costing just $66 a year to run. Consumers who replace older models would save $117 a year.”
Surely stainless buyers are hoping that translates into demand for their finished products.
How did stainless and raw material input prices do over the last week?
Weekly Stainless MMI®
Chinese 304 and 316 grade stainless steel coil and scrap traded sideways last week. Korean 430 stainless steel coil remained essentially flat from the previous week. Korean 304 stainless coil prices held steady as well.
The Indian nickel cash price ticked up 0.8 percent over the past week. With a 0.6 percent decrease, the price of Chinese primary nickel closed the week lower. Following a steady week, prices for Chinese ferro-chrome closed flat. Prices for Chinese ferro-moly remained constant.
Following a 0.8 percent drop on the LME, the spot price of nickel finished the week at $14,625 per metric ton. Since last week, the price of the 3-month price of nickel fell to $14,795 per metric ton on the LME after moving 0.4 percent.
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.