Nickel prices fell to a 6-month low as inventories monitored by the London Metal Exchange extended an increase to a record. Aluminum tumbled the most in 14 months. The collapse in the last 2 weeks has been staggering.
Monsoon season in the Philippines could potentially create more demand as the island nation has stepped up to replace much of the production of Indonesia which instituted a raw ore export ban in January.
The week’s biggest mover on the weekly Stainless MMI® was the nickel 3-month price, which saw a 7.9% decline on the LME to $15,375 per metric ton. This comes on the heels of a 3.7% increase the week before. The nickel spot price fell 7.9% on the LME to $15,310 per metric ton after rising 3.6% the week before. Following a 0.9% increase in the week prior, the cash price of primary Indian nickel fell 5.4% last week to INR 965.70 ($15.75) per kilogram.
Chinese stainless steel prices were flat for the week. At CNY 8,300 ($1,351) per metric ton, the week finished with no movement for Chinese ferro-chrome. Closing at CNY 145,000 ($23,609) per metric ton, Chinese ferro-moly remained unchanged for the week.
The price of Chinese primary nickel traded sideways last week, hovering around CNY 129,050 ($21,012) per metric ton. Prices for Chinese 304 stainless steel scrap remained constant, closing the week at CNY 16,400 ($2,670) per metric ton. Chinese 316 stainless steel scrap traded sideways last week, hovering around CNY 16,100 ($2,621) per metric ton. Chinese 304 stainless coil remained essentially flat from the previous week at CNY 16,400 ($2,670) per metric ton. Following a steady week, prices for Chinese 316 stainless coil closed flat at CNY 26,000 ($4,233) per metric ton.
Prices for Korean 304 stainless coil remained constant, closing the week at KRW 4.2 million ($3,881) per metric ton. Closing at KRW 2.6 million ($2,376) per metric ton, Korean 430 stainless steel coil remained unchanged for the week. This past week, the Allegheny Ludlum 304 stainless surcharge kept quiet, holding at at $0.88 per pound. The Allegheny Ludlum 316 stainless surcharge closed at $1.25 per pound after a flat week.
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.