The rebound from Nickel’s surplus bust a few weeks ago continues. Nickel held its biggest 2-day advance in a month, leading gains among the 6 main metals on the London Metal Exchange.
The alloying metal in stainless steel fell to a 6-month low earlier this month.
The week’s biggest mover on the weekly Stainless MMI® was the nickel 3-month price, which saw a 3.7% increase on the LME to $16,700 per metric ton. This comes on the heels of a 6.9% decline the week prior. The nickel spot price rose 3.6% on the LME to $16,625 per metric ton after falling 6.8% during the previous week. The Indian nickel cash price rose 0.9% to INR 1,021 ($16.66) per kilogram after falling 12.5% during the previous week.
Chinese stainless steel prices were flat for the week. Following a steady week, prices for Chinese ferro-chrome closed flat at CNY 8,300 ($1,351) per metric ton. Prices for Chinese ferro-moly remained constant, closing the week at CNY 145,000 ($23,609) per metric ton.
Following a steady week, prices for the price of Chinese primary nickel closed flat at CNY 129,050 ($21,012) per metric ton. Chinese 304 stainless steel scrap traded sideways last week, hovering around CNY 16,400 ($2,670) per metric ton. Chinese 316 stainless steel scrap remained essentially flat from the previous week at CNY 16,100 ($2,621) per metric ton. At CNY 16,400 ($2,670) per metric ton, the price of Chinese 304 stainless coil did not change since the previous week. Chinese 316 stainless coil prices held steady from the previous week at CNY 26,000 ($4,233) per metric ton.
At KRW 4.2 million ($3,881) per metric ton, the week finished with no movement for Korean 304 stainless coil. Korean 430 stainless steel coil remained essentially flat from the previous week at KRW 2.6 million ($2,376) per metric ton. At $0.88 per pound, the Allegheny Ludlum 304 stainless surcharge remained essentially flat. The Allegheny Ludlum 316 stainless surcharge stayed essentially flat 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.