Stainless MMI®: Nickel Futures Fall 7.9% For the Week

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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.

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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.

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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.

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