Nickel Still in MMI Freefall This Week

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The great price correction continued for nickel/stainless this week. A surplus has been created as the Philippines has made up for lost raw ore output from Indonesia.

FREE Download: The Monthly MMI® Report – covering the Stainless/Nickel markets.The nickel 3-month price fell 6.9% on the LME over the past week to $16,110 per metric ton. This was the third week in a row of declining prices. Closing out the third week of declining prices, the spot price of nickel dropped by 6.8% on the LME, finishing at $16,040 per metric ton. The week’s biggest mover on the weekly Stainless MMI® was the Indian nickel cash price, which saw a 12.5% decline to INR 1,012 ($16.46) per kilogram. This comes on the heels of a 4.9% increase the week before.

* Get the complete prices every day on the MetalMiner IndX℠

Chinese stainless steel prices were flat for the week. Chinese ferro-chrome remained essentially flat from the previous week at CNY 8,300 ($1,352) per metric ton. Prices for Chinese ferro-moly remained constant, closing the week at CNY 145,000 ($23,620) per metric ton.

The price of Chinese primary nickel traded sideways last week, hovering around CNY 129,050 ($21,022) per metric ton. At CNY 16,400 ($2,672) per metric ton, the week finished with no movement for Chinese 304 stainless steel scrap. Closing at CNY 16,100 ($2,623) per metric ton, Chinese 316 stainless steel scrap remained unchanged for the week. Chinese 304 stainless coil traded sideways last week, hovering around CNY 16,400 ($2,672) per metric ton. Chinese 316 stainless coil prices held steady from the previous week at CNY 26,000 ($4,235) per metric ton.

At KRW 4.2 million ($3,881) per metric ton, the price of Korean 304 stainless coil did not change since the previous week. Following a steady week, prices for Korean 430 stainless steel coil closed flat at KRW 2.6 million ($2,376) per metric ton. Following a steady week, prices for the Allegheny Ludlum 304 stainless surcharge closed flat at $0.88 per pound. The Allegheny Ludlum 316 stainless surcharge remained steady from the previous week at $1.25 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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