LME Nickel Stocks Hit Record High, Prices Down on Weekly Stainless MMI®

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In the wake of China’s Qingdao port scandal, nickel has been leaving the country in droves and showing up in LME warehouses – showing a surprising supply of legacy stocks, despite the concerns over the Indonesian export ban.

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According to reports, LME nickel stocks broke through another high last week, at just more than 317,000 metric tons. That’s a 12 percent hike over the past two months and more than double since the start of last year, said Reuters.

Prices have also drifted since the bullish peak, losing 15 percent since May.

What are the weekly nickel and stainless prices?

After drifting 2.0 percent on the LME, the nickel 3-month price dropped to $18,775 per metric ton making it the biggest mover on the weekly Stainless MMI® this week. Since last week, the price of the nickel spot price fell to $18,760 per metric ton on the LME after moving 1.7 percent. For the third week in a row, the cash price of primary Indian nickel dropped, falling 0.8 percent to INR 1,140 ($18.73) per kilogram.

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Chinese stainless steel prices were mixed for the week. Chinese ferro-chrome prices held steady from the previous week at CNY 8,300 ($1,344) per metric ton. At CNY 145,000 ($23,487) per metric ton, the week finished with no movement for Chinese ferro-moly.

With a 1.3 percent decrease, the price of Chinese primary nickel closed the week at CNY 129,800 ($21,025) per metric ton. Closing at CNY 16,400 ($2,656) per metric ton, Chinese 304 stainless steel scrap remained unchanged for the week. Chinese 316 stainless steel scrap remained essentially flat from the previous week at CNY 16,100 ($2,608) per metric ton. At CNY 16,400 ($2,656) per metric ton, the price of Chinese 304 stainless coil did not change since the previous week. Prices for Chinese 316 stainless coil remained constant, closing the week at CNY 26,000 ($4,211) per metric ton.

Following a steady week, prices for Korean 304 stainless coil closed flat at KRW 4.2 million ($3,881) per metric ton. At KRW 2.6 million ($2,376) per metric ton, the week finished with no movement for Korean 430 stainless steel coil. The Allegheny Ludlum 304 stainless surcharge remained steady from the previous week at $0.90 per pound. Following a steady week, prices for the Allegheny Ludlum 316 stainless surcharge closed flat at $1.28 per pound.

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.

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