Whirlpool Corporation, a good proxy for stainless steel market demand, got a vote of lower confidence.
Bank of America/Merril Lynch cut estimates on Whirlpool (WHR), lowering its stock price. According to The Dividend Daily, “analysts have also lowered estimates on the company due to currency headwinds and interruptions in Brazil,” as shares prices dropped.
Meanwhile, stainless (and, by extension, nickel) prices have not been looking healthy…
This past week saw the price of Chinese primary nickel drop 8.8 percent, closing as the biggest mover on the weekly Stainless MMI®. However, Chinese 304 stainless steel scrap traded sideways last week. The week finished with no movement for Chinese 316 stainless steel scrap. Prices for Chinese 304 stainless coil remained constant, and Chinese 316 stainless coil remained essentially flat from the previous week.
The Indian nickel cash price rose 2.4 percent after falling 3.8 percent during the previous week. Following a 2.1 percent drop on the LME, the nickel 3-month price finished the week at $13,810 per metric ton. Since last week, the price of the spot price of nickel fell to $13,740 per metric ton on the LME after moving 2.0 percent.
The price of Chinese ferro-chrome did not change since the previous week. Following a steady week, prices for Chinese ferro-moly closed flat.
Korean 430 stainless steel coil prices held steady from the previous week. Following a steady week, prices for Korean 304 stainless coil closed flat 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.