MetalMiner released our 2015 Metal Buying Outlook recently. By analyzing and understanding nickel price drivers, buyers will be ready to react when the market gives clear signs that a new uptrend is developing and stay hedged as long as the trend is in place – until there is evidence that the trend is over.
The last week of 2014 went out with nickel and stainless markets (except for surcharges) still in bearish territory and bargain hunting possibly keeping some grades flat.
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. Closing at CNY 90,000 ($14,486) per metric ton, Chinese ferro-moly remained unchanged for the week.
The price of Chinese 304 stainless coil declined 1.4% over the past week, settling at CNY 17,500 ($2,817) per metric ton. At CNY 107,900 ($17,367) per metric ton, the price of Chinese primary nickel finished the week down 0.6%. Chinese 304 stainless steel scrap traded sideways last week, hovering around CNY 9,850 ($1,585) per metric ton. Following a steady week, prices for Chinese 316 stainless steel scrap closed flat at CNY 13,350 ($2,149) per metric ton. Chinese 316 stainless coil remained essentially flat from the previous week at CNY 23,700 ($3,815) per metric ton.
The Allegheny Ludlum 304 stainless surcharge closed last week at $0.76 per pound after a 5.5% rise in its price. The Allegheny Ludlum 316 stainless surcharge saw a 4.0% increase in its price, hitting $1.01 per pound. At KRW 4.2 million ($3,881) per metric ton, the week finished with no movement for Korean 304 stainless coil. Prices for Korean 430 stainless steel coil remained constant, closing the week at KRW 2.6 million ($2,376) per metric ton.
For the third week in a row, the nickel spot price dropped, falling 2.1% on the LME to $14,930 per metric ton. The nickel 3-month price fell 1.9% on the LME over the past week to $15,020 per metric ton. This was the third week in a row of declining prices. The cash price of primary Indian nickel dropped 0.3% this week, closing out the third consecutive week of falling prices at INR 975.90 ($15.47) per kilogram.
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.