Stainless MMI®: Nickel Down, But Deficit Still Predicted

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Many are predicting a deficit for Nickel in 2015.

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The spot price of nickel declined to $15,250 per metric ton after drifting 1.6% on the LME since last week. With a 1.3% decrease on the LME, the 3-month price of nickel closed the week at $15,305 per metric ton.

After falling 1.9%, the Indian nickel cash price landed at INR 978.60 ($15.41) per kilogram, making it the week’s biggest mover on the weekly Stainless MMI®.

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Chinese stainless steel prices were mixed for the week. Chinese ferro-chrome remained essentially flat from the previous week at CNY 10,950 ($1,763) per metric ton. Following a steady week, prices for Chinese ferro-moly closed flat at CNY 90,000 ($14,487) per metric ton.

Since last week, the price of the price of Chinese primary nickel fell to CNY 108,600 ($17,481) per metric ton after moving 0.9%. At CNY 9,850 ($1,586) per metric ton, the price of Chinese 304 stainless steel scrap did not change since the previous week. Prices for Chinese 316 stainless steel scrap remained constant, closing the week at CNY 13,350 ($2,149) per metric ton. At CNY 17,750 ($2,857) per metric ton, the week finished with no movement for Chinese 304 stainless coil. Chinese 316 stainless coil traded sideways last week, hovering around CNY 23,700 ($3,815) per metric ton.

Prices for Korean 304 stainless coil remained constant, closing the week at KRW 4.2 million ($3,881) per metric ton. Korean 430 stainless steel coil prices held steady from the previous week at KRW 2.6 million ($2,376) per metric ton. The Allegheny Ludlum 304 stainless surcharge remained steady from the previous week at $0.72 per pound. The Allegheny Ludlum 316 stainless surcharge stayed essentially 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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