Stainless MMI®: 2015 Deficit Will Come Soon, Experts Say

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Despite continued weakness in nickel futures, many are predicting a deficit and higher prices in 2015. Glencore got on the bandwagon this week with its deficit prediction.

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Vale also began considering the option of spinning off its nickel and copper unit this week.

The week’s biggest mover on the weekly Stainless MMI® was the 3-month price of nickel, which saw a 4.4% decline on the LME to $15,500 per metric ton. This week marked the third in a row of declining prices for the metal. At $15,500 per metric ton, the nickel spot price finished the week down 4.0% on the LME. The Indian nickel cash price dropped 3.1% this week, closing out the third consecutive week of falling prices at INR 998.00 ($15.84) per kilogram.

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Chinese stainless steel prices were mixed for the week. Chinese ferro-chrome prices held steady from the previous week at CNY 10,950 ($1,762) per metric ton. At CNY 90,000 ($14,485) per metric ton, the week finished with no movement for Chinese ferro-moly.

The price of Chinese primary nickel saw a 4.1% drop-off this week to CNY 109,600 ($17,639) per metric ton. The past week saw Chinese 304 stainless coil close at CNY 17,750 ($2,857) per metric ton after a 3.5% decline. Closing at CNY 9,850 ($1,585) per metric ton, Chinese 304 stainless steel scrap remained unchanged for the week. Chinese 316 stainless steel scrap remained essentially flat from the previous week at CNY 13,350 ($2,149) per metric ton. At CNY 23,700 ($3,814) per metric ton, the price of Chinese 316 stainless coil did not change since the previous week.

Following a steady week, prices for Korean 304 stainless coil closed flat at KRW 4.2 million ($3,881) per metric ton. Korean 430 stainless steel coil traded sideways last week, hovering around KRW 2.6 million ($2,376) per metric ton. At $0.72 per pound, the Allegheny Ludlum 304 stainless surcharge remained essentially flat. Following a steady week, prices for the Allegheny Ludlum 316 stainless surcharge closed flat at $0.97 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.

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