While many are predicting a difficult 2015 for all commodities metals, Glencore is forecasting a continuing supply deficit for nickel. Most prices fell for the alloying metal in stainless steel this week.
Vale considered spinning off both its copper and nickel units.
The week’s biggest mover on the weekly Stainless MMI® was the spot price of nickel, which saw a 3.8% decline on the LME to $16,145 per metric ton. This comes on the heels of a 2.9% increase the week before. Following a 3.0% increase in the week prior, the nickel 3-month price fell 3.7% on the LME last week to $16,220 per metric ton. The cash price of primary Indian nickel fell 3.3% to INR 1,030 ($16.48) per kilogram after rising 4.8% the week before.
Chinese stainless steel prices were mixed for the week. Following a 33.1% increase in the week prior, the price of Chinese ferro-chrome fell 0.9% last week to CNY 10,950 ($1,768) per metric ton. At CNY 90,000 ($14,532) per metric ton, the price of Chinese ferro-moly did not change since the previous week.
The price of Chinese primary nickel fell 3.5% to CNY 114,300 ($18,456) per metric ton after rising 5.9% the week before. The price of Chinese 304 stainless steel scrap rose 2.1% to CNY 9,850 ($1,590) per metric ton after falling 42.2% during the previous week. Chinese 316 stainless steel scrap saw its price rise 0.8% over the past week to CNY 13,350 ($2,156) per metric ton. Chinese 304 stainless coil traded sideways last week, hovering around CNY 18,400 ($2,971) per metric ton. Chinese 316 stainless coil remained essentially flat from the previous week at CNY 23,700 ($3,827) per metric ton.
Korean 304 stainless coil prices held steady from the previous week at KRW 4.2 million ($3,881) per metric ton. Following a steady week, prices for Korean 430 stainless steel coil closed flat at KRW 2.6 million ($2,376) per metric ton. At $0.72 per pound, the Allegheny Ludlum 304 stainless surcharge remained essentially flat. The Allegheny Ludlum 316 stainless surcharge closed at $0.97 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.