Nickel stockpiles continue to reach all time record highs now at 183,700 tons. With Norilsk just starting to ship again, more tonnage will arrive at LME warehouses.
Meanwhile, Standard & Poor’s raised its rating on AK Steel from a sell to a hold based on rising sales over 2012 and better control over raw material costs.
Falling nickel prices certainly help.
The day’s biggest mover on the MetalMiner stainless index was the nickel spot price which dropped by 1.3 percent on Tuesday, June 11 to close at $14,850 per metric ton on the LME. The 3-month price of nickel saw a 1.1 percent decline on the LME to $14,945 per metric ton. The cash price of primary Indian nickel declined 0.5 percent, after two days of improvement.
Chinese stainless steel prices were flat for the day. The price of Chinese ferro-chrome saw essentially no change for the fifth day in a row. For the fifth consecutive day, the price of Chinese ferro-moly held flat as well.
The price of Chinese 316 stainless coil saw little movement at the $4,200 per metric ton range. The price of Chinese 304 stainless coil was unchanged. The price of Chinese 316 stainless steel scrap remained essentially flat. The price of Chinese 304 stainless steel scrap held steady as well. The price of Chinese primary nickel remained essentially flat at in the $17,200 per metric ton range.