Stainless MMI®: Nickel Rally Ends

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Nickel capped the longest rally in a month on the London Metal Exchange amid concern that supplies will lag behind demand this year as an export ban in Indonesia crimps ore shipments and new Chinese supplier the Philippines has to deal with monsoon season.

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Costs of nickel-pig iron, a lower-grade alternative to refined metal, are rising and pipeline inventories are low so there is potential for restocking

Chinese 304 stainless coil’s 4.6% decline made it this week’s biggest mover on the weekly Stainless MMI®, closing at CNY 16,700 ($2,688) per metric ton. The price of Chinese primary nickel rose 3.0% to CNY 111,100 ($17,879) per metric ton after falling 0.6% during the previous week. The price of Chinese 304 stainless steel scrap declined 2.0% over the past week, settling at CNY 9,650 ($1,553) per metric ton. After a 1.5% decline, Chinese 316 stainless steel scrap closed out the week at CNY 13,150 ($2,116) per metric ton. Closing at CNY 23,700 ($3,814) per metric ton, Chinese 316 stainless coil remained unchanged for the week.

Chinese ferro-moly saw a 2.2% decline over the past week to CNY 88,000 ($14,162) per metric ton. Chinese ferro-chrome fell 0.5% over the past week to CNY 10,900 ($1,754) per metric ton.

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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. At $0.76 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 $1.01 per pound.

The nickel spot price rose 2.5% on the LME to $15,310 per metric ton after falling 2.1% during the previous week. The nickel 3-month price rose 2.5% on the LME to $15,400 per metric ton after falling 1.9% during the previous week. The cash price of primary Indian nickel fell 0.7% over the past week to INR 968.70 ($15.49) per kilogram. This was the third week in a row of declining prices.

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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