Stainless MMI®: Nickels Holds its Value This Week

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Indonesia planned new smelters this week as nickel had a small rise on the London Metal Exchange.

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A possible public listing of a stake in the base metals unit of Brazil’s Vale SA hinges on a rally in nickel prices of around 20%, its chief financial officer said on Friday.

Chinese 304 stainless steel scrap finished at CNY 9,650 ($1,568) per metric ton. Chinese 304 stainless coil prices climbed to CNY 18,400 ($2,990) per metric ton, up from CNY 16,500 ($2,687) a week ago. The price of Chinese 316 stainless coil rose 6.3% to CNY 23,700 ($3,851) per metric ton after falling 14.2% during the previous week. The price of Chinese primary nickel closed last week at CNY 118,500 ($19,257) per metric ton after a 5.9% rise in its price. Chinese 316 stainless steel scrap remained essentially flat from the previous week at CNY 13,250 ($2,153) per metric ton.

Chinese ferro-moly dropped 37.9% over the past week to CNY 90,000 ($14,626) per metric ton. In the past week, the price of Chinese ferro-chrome shot up 33.1% to CNY 11,050 ($1,796) per metric ton.

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Korean 304 stainless coil prices held steady from the previous 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. The Allegheny Ludlum 304 stainless surcharge closed at $0.72 per pound after a flat week. Closing at $0.97 per pound, the Allegheny Ludlum 316 stainless surcharge remained unchanged for the week.

The Indian nickel cash price rose 4.8% to INR 1,065 ($17.25) per kilogram after falling 0.1% during the previous week. At $16,840 per metric ton, the nickel 3-month price finished the week 3.0% higher on the LME. The spot price of nickel rose 2.9% on the LME this week, closing out the third week at $16,775 per metric ton.

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