The annual total global stainless steel production for 2014 is estimated to have reached an all-time high of 41 million tons. This exceeds the previous record mark, set in 2013, by 7.6%. MEPS predicts that worldwide output will increase by a further 4.9%, to a new peak figure of 43 million tons.
Chinese stainless steel prices were mixed for the week. Chinese ferro-chrome remained essentially flat from the previous week at CNY 10,950 ($1,753) per metric ton. Chinese ferro-moly prices held steady from the previous week at CNY 87,000 ($13,929) per metric ton.
The price of Chinese primary nickel settled at CNY 108,400 ($17,356) per metric ton this week after shifting up 0.2%. At CNY 9,350 ($1,497) per metric ton, the price of Chinese 304 stainless steel scrap did not change since the previous week. Following a steady week, prices for Chinese 316 stainless steel scrap closed flat at CNY 12,950 ($2,073) per metric ton. Chinese 304 stainless coil traded sideways last week, hovering around CNY 16,700 ($2,674) per metric ton. At CNY 23,700 ($3,795) per metric ton, the price of Chinese 316 stainless coil did not change since the previous week.
The Allegheny Ludlum 304 stainless surcharge fell to $0.70 per pound after a 7.5% decrease from the previous week. The Allegheny Ludlum 316 stainless surcharge fell 6.7% over the past week, settling at $0.94 per pound. At KRW 4.2 million ($3,881) per metric ton, the week finished with no movement for Korean 304 stainless coil. Korean 430 stainless steel coil prices held steady from the previous week at KRW 2.6 million ($2,376) per metric ton.
Last week, the Indian nickel cash price shifted slightly, rising by 1.4% to close at INR 922.90 ($14.93) per kilogram. The spot price of nickel fell 0.1% on the LME to $14,700 per metric ton after rising 1.1% the week before. This past week, the nickel 3-month price kept quiet, holding at on the LME at $14,750 per metric ton.
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.