After a rough time last week, nickel and stainless steel righted their commodity metals ship on the London Metal Exchange.
The big news is still form Xstrata CEO Mick Davis and his investment vehicle, X2 Resources, attempting to buy Vale SA‘s nickel assets.
The week’s biggest mover on the weekly Stainless MMI® was the nickel spot price, which saw a 1.1% increase on the LME to $14,715 per metric ton. This comes on the heels of a 5.8% decline the week prior. The nickel 3-month price rose 0.9% on the LME to $14,750 per metric ton after falling 5.8% during the previous week. The cash price of primary Indian nickel stayed essentially flat at INR 910.30 ($14.80) per kilogram.
Chinese stainless steel prices were mixed for the week. At CNY 10,950 ($1,764) per metric ton, the price of Chinese ferro-chrome did not change since the previous week. At CNY 87,000 ($14,017) per metric ton, the week finished with no movement for Chinese ferro-moly.
The price of Chinese primary nickel rose 0.7% to CNY 108,200 ($17,433) per metric ton after falling 3.5% during the previous week. Closing at CNY 9,350 ($1,506) per metric ton, Chinese 304 stainless steel scrap remained unchanged for the week. Following a steady week, prices for Chinese 316 stainless steel scrap closed flat at CNY 12,950 ($2,086) per metric ton. Chinese 304 stainless coil prices held steady from the previous week at CNY 16,700 ($2,691) per metric ton. Chinese 316 stainless coil traded sideways last week, hovering around CNY 23,700 ($3,818) per metric ton.
At KRW 4.2 million ($3,881) per metric ton, the price of Korean 304 stainless coil did not change since the previous week. Korean 430 stainless steel coil remained essentially flat 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 $0.76 per pound. Closing at $1.01 per pound, the Allegheny Ludlum 316 stainless surcharge remained unchanged for the 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.