After increasing more than 40% since January, nickel had an uncharacteristic flat week on the stainless MMI. Still, all of the news surrounding the alloying metal in stainless steel portends more price increases. Goldman Sachs predicted as much this week, raising its price forecast and saying the metal will be in deficit by 2015.
The Indonesian ore ban shows no sign of being lifted as both candidates who are claiming victory in its elections have said they would keep the ban in place.
The Allegheny Ludlum 316 stainless surcharge dropped to $1.28 per pound, making it the biggest mover on the weekly Stainless MMI® this week, after drifting 2.3 percent. Last week, the Allegheny Ludlum 304 stainless surcharge shifted slightly, rising by 0.7 percent to close at $0.90 per pound. Following a steady week, prices for Korean 304 stainless coil closed flat at KRW 4.2 million ($3,881) per metric ton. Prices for Korean 304 stainless coil remained constant, closing the week at KRW 4.2 million ($3,881) per metric ton.
Chinese stainless steel prices were flat for the week. Chinese ferro-chrome traded sideways last week, hovering around CNY 8,300 ($1,340) per metric ton. Closing at CNY 145,000 ($23,407) per metric ton, Chinese ferro-moly remained unchanged for the week.
At CNY 131,550 ($21,236) per metric ton, the price of Chinese primary nickel remained essentially flat. At CNY 16,400 ($2,647) per metric ton, the price of Chinese 304 stainless steel scrap did not change since the previous week. Following a steady week, prices for Chinese 316 stainless steel scrap closed flat at CNY 16,100 ($2,599) per metric ton. Chinese 304 stainless coil prices held steady from the previous week at CNY 16,400 ($2,647) per metric ton. Closing at CNY 26,000 ($4,197) per metric ton, Chinese 316 stainless coil remained unchanged for the week.
Since last week, the price of the Indian nickel cash price fell to INR 1,149 ($19.13) per kilogram after moving 1.2 percent. The 3-month price of nickel stayed essentially flat on the LME at $19,150 per metric ton. At $19,075 per metric ton, the nickel spot price remained essentially flat on the LME.
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.