The major stainless steel producers in Europe including Aperam, Outokumpu and Acciai Speciali Terni have all a rise in alloy surcharges for May, because of soaring nickel prices. This week, US producer Allegheny Ludlum did the same, announcing big surcharge rises for its 316 and 304 stainless products.
The week’s biggest mover on the weekly Stainless MMI® was the Allegheny Ludlum 316 stainless surcharge, which saw a 18.0 percent increase to $1.16 per pound. The Allegheny Ludlum 304 stainless surcharge increased 9.2 percent over the past week to $0.79 per pound. At KRW 4.2 million ($3,881) per metric ton, the price of Korean 304 stainless coil did not change since the previous week. Korean 304 stainless coil traded sideways last week, hovering around KRW 4.2 million ($3,881) per metric ton.
Chinese stainless steel prices were mixed for the week. Chinese ferro-chrome remained essentially flat from the previous week at CNY 8,300 ($1,326) per metric ton. Chinese ferro-moly prices held steady from the previous week at CNY 145,000 ($23,165) per metric ton.
The price of Chinese primary nickel rose 0.4 percent over the past week to CNY 124,750 ($19,930) per metric ton. This was the fourth week in a row of increasing prices. Chinese 304 stainless steel scrap traded sideways last week, hovering around CNY 16,400 ($2,620) per metric ton. Prices for Chinese 316 stainless steel scrap remained constant, closing the week at CNY 16,100 ($2,572) per metric ton. At CNY 16,400 ($2,620) per metric ton, the price of Chinese 304 stainless coil did not change since the previous week. Chinese 316 stainless coil remained essentially flat from the previous week at CNY 26,000 ($4,154) per metric ton.
Following a 2.8 percent increase in the week prior, the nickel 3-month price fell 2.1 percent on the LME last week to $18,060 per metric ton. The spot price of nickel fell 2.0 percent on the LME to $18,060 per metric ton after rising 2.4 percent the week before. Following a 3.7 percent increase in the week prior, the cash price of primary Indian nickel fell 1.9 percent last week to INR 1,111 ($18.42) per kilogram.
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.