Stainless steel producer Outokumpu continues to struggle to sell its Italian operation, Acciai Speciali Terni, in order to satisfy European competition authorities regarding its intent to purchase Inoxum from ThyssenKrupp. The Finnish producer has received too few bids and too few at an attractive enough price.
The European steel and stainless steel industry faces significant challenges and many European nations remain in recession.
Meanwhile, the week’s biggest mover on the weekly Stainless MMI® was the cash price of primary Indian nickel, which saw a 3.3 percent increase. This week marked the third in a row of rising prices for the metal. The spot price of nickel rose 2.0 percent on the LME to $14,915 per metric ton after falling 0.8 percent during the previous week. The 3-month price of nickel rose 1.7 percent on the LME to $15,050 per metric ton after falling 0.4 percent during the previous week.
The price of Chinese primary nickel rose 1.2 percent after falling 0.6 percent during the previous week. The price of Chinese 304 stainless steel scrap did not change since the previous week. Chinese 316 stainless steel scrap remained unchanged for the week. Chinese 304 stainless coil traded sideways last week. The week finished with no movement for Chinese 316 stainless coil.
Korean 430 stainless steel coil remained essentially flat from the previous week. Prices for Korean 304 stainless coil remained constant as well.
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.