Nickel, the alloying metal in stainless steel continued to be the top performer on the LME this week as China’s Taigeng and Baosteel both raised nickel pig iron prices.
Surcharges are increasing in most markets as well.
The Allegheny Ludlum 304 stainless surcharge saw the biggest increase on the weekly Stainless MMI® this week, rising 14.1 percent and settling at $0.90 per pound. The Allegheny Ludlum 316 stainless surcharge increased 11.2 percent over the past week to $1.29 per pound. Closing at KRW 4.2 million ($3,881) per metric ton, Korean 304 stainless coil remained unchanged for the week. Following a steady week, prices for Korean 304 stainless coil closed flat at 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 ($1,331) per metric ton. Chinese ferro-moly prices held steady from the previous week at CNY 145,000 ($23,245) per metric ton.
Following a 4.6 percent increase in the week prior, the price of Chinese primary nickel fell 4.6 percent last week to CNY 133,100 ($21,337) per metric ton. Prices for Chinese 304 stainless steel scrap remained constant, closing the week at CNY 16,400 ($2,629) per metric ton. Chinese 316 stainless steel scrap traded sideways last week, hovering around CNY 16,100 ($2,581) per metric ton. Following a steady week, prices for Chinese 304 stainless coil closed flat at CNY 16,400 ($2,629) per metric ton. Closing at CNY 26,000 ($4,168) per metric ton, Chinese 316 stainless coil remained unchanged for the week.
The nickel spot price fell 4.7 percent on the LME to $18,740 per metric ton after rising 4.9 percent the week before. Following a 5.7 percent increase in the week prior, the 3-month price of nickel fell 4.2 percent on the LME last week to $18,820 per metric ton. The Indian nickel cash price fell 2.8 percent to INR 1,122 ($19.04) per kilogram after rising 3.1 percent the week before.
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.