Sweden’s Electrolux AB is going head to head with Whirlpool Corp in the battle to sell the most washers, dryers and fridges – and also to buy a hefty volume of stainless steel – by buying General Electric (GE)’s appliance arm for $3.3 billion, as reported by the FT and other outlets.
Kentucky-based GE Appliances makes fridges, washing machines, dishwashers, air conditioners, water filters and water heaters, employing a total of 12,000 people. All of this equates to what must be a huge stainless spend – so you know companies like GE and Electrolux have price risk strategies in place when it comes to stainless (and its key raw material input, nickel).
Speaking of which, the week’s biggest mover on MetalMiner’s weekly Stainless MMI® was the LME nickel spot price, which saw a 3.1 percent increase to $19,225 per metric ton. This comes on the heels of a 0.4 percent decline the week prior. The 3-month price of nickel rose 3.0 percent on the LME to $19,325 per metric ton after falling 0.6 percent during the previous week. The cash price of primary Indian nickel rose 2.8 percent to INR 1,177 ($19.47) per kilogram after falling 0.6 percent during the previous week.
Read on for Chinese, Indian and Korean prices…
Chinese stainless steel prices were flat for the week. Chinese ferro-chrome prices held steady from the previous week at CNY 8,300 ($1,352) per metric ton. Following a steady week, prices for Chinese ferro-moly closed flat at CNY 145,000 ($23,616) per metric ton.
At CNY 129,050 ($21,019) per metric ton, the price of Chinese primary nickel remained essentially flat. Prices for Chinese 304 stainless steel scrap remained constant, closing the week at CNY 16,400 ($2,671) per metric ton. Chinese 316 stainless steel scrap remained essentially flat from the previous week at CNY 16,100 ($2,622) per metric ton. Chinese 304 stainless coil traded sideways last week, hovering around CNY 16,400 ($2,671) per metric ton. At CNY 26,000 ($4,235) per metric ton, the week finished with no movement for Chinese 316 stainless coil.
At KRW 4.2 million ($3,881) per metric ton, the price of Korean 304 stainless coil did not change since the previous week. Prices for Korean 430 stainless steel coil remained constant, closing the week at KRW 2.6 million ($2,376) per metric ton. The Allegheny Ludlum 304 stainless surcharge closed at $8,856 per pound after a flat week. The Allegheny Ludlum 316 stainless surcharge traded sideways last week, hovering around $1.26 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.