Nickel narrowed its London Metal Exchange losses this week as the alloying metal in stainless steel continued to struggle to find a floor after fears of oversupply replaced the optimism of the first half of the year.
Outokumpu, Europe’s largest stainless producer, even predicted further losses this year.
A 0.6% increase made the cash price of primary Indian nickel the week’s biggest mover on the weekly Stainless MMI®, closing at INR 981.70 ($16.01) per kilogram. Following a 2.6% increase in the week prior, the 3-month price of nickel fell 0.4% on the LME last week to $15,325 per metric ton. The spot price of nickel fell 0.3% on the LME to $15,250 per metric ton after rising 2.5% the week before.
Chinese stainless steel prices were flat for the week. Closing at CNY 8,300 ($1,351) per metric ton, Chinese ferro-chrome remained unchanged for the week. Chinese ferro-moly prices held steady from the previous week at CNY 145,000 ($23,609) per metric ton.
The price of Chinese primary nickel traded sideways last week, hovering around CNY 129,050 ($21,012) per metric ton. Chinese 304 stainless steel scrap remained essentially flat from the previous 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. At CNY 16,400 ($2,670) per metric ton, the week finished with no movement for Chinese 304 stainless coil. Following a steady week, prices for Chinese 316 stainless coil closed flat at CNY 26,000 ($4,233) 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. Prices for Korean 430 stainless steel coil remained constant, closing the week at KRW 2.6 million ($2,376) per metric ton. Closing at $0.78 per pound, the Allegheny Ludlum 304 stainless surcharge remained unchanged for the week. Following a steady week, prices for the Allegheny Ludlum 316 stainless surcharge closed flat at $1.06 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.