Overall, the Stainless Monthly Metals Index (MMI) continued to decline, with a 4.47% drop from July to August. Nickel prices continued to plunge throughout July, shedding an additional 4.43% over the course of the month. Although prices appeared to stabilize in early August, they continued to trend near their early 2024 range, having wiped out […]
Category: Stainless Steel
Stainless MMI: Bearish Stainless Demand Leads to Steep Discounts
Overall, the Stainless Monthly Metals Index (MMI) reversed to the downside, with a 10.88% drop from June to July. Nickel prices experienced heavy losses during June, securing the title of worst-performing base metal with an over 14% decline. Prices had fallen over 19% from their May 20 peak by early June as they remained in […]
Outokumpu Expects Sideways Stainless Market, Promotes the Necessity for Protectionism
Speaking at the Chicago chapter of the Association of Women in the Metals Industry’s (AWMI) most recent dinner, Outokumpu Business Area Americas CEO and President Tamara Weinert highlighted the many challenges facing domestic stainless producers. She also commented on the global stainless steel price, the company’s overall outlook, and its path toward a greener future. […]
Stainless MMI: Mills Post Q1 Results as Nickel Prices Stabilize
Nickel prices followed other base metals up throughout April, with a nearly 15% month-over-month rise. By late April, prices hit their highest level since September, although they subsequently began to retrace as upside momentum cooled. Overall, the Stainless Monthly Metals Index (MMI) rebounded, with a 9.58% jump from April to May. Outokumpu, Acerinox Post Q1 […]
LME and CME Russian Metal Ban Prompting Speculation About Market Fragmentation
By now, anyone in the metals market will know that the U.S. and UK recently banned the consumption of Russian aluminum, copper, and nickel produced from April 13 onward. While metal already on the London Metal Exchange (LME) and the Chicago Mercantile Exchange (CME) are still available for consumption, no metal delivered after this date […]
Stainless MMI: Nickel Prices Retrace Amid Slow Stainless Market
Nickel prices continued to the upside during the first half of March, taking a momentary pause from their long-term downtrend. However, prices found a peak by March 13, reaching their highest level since October 2023. Following that, the rally collapsed, and prices returned to the downside. Overall, nickel prices fell 5.56% month over month. The […]
Stainless MMI: Stainless Market Sees Pick-Up as Nickel Prices Stagnate
Nickel prices inverted to the upside in February, with an 8.71% month-over-month rise. Following a 3.53% increase during the first weeks of March, prices appeared to stagnate after they found at least a short-term peak on March 13. Overall, the Stainless Monthly Metals Index (MMI) remained sideways, with a modest 1.95% rise from February to […]
Indonesia’s Nickel Dominance Spells Trouble for Global Industry
The global nickel mining industry is under stress, and the primary reason is an oversupply of low-cost nickel from Indonesia. Moreover, this constant supply continues to support a major global surplus, placing downward pressure on the nickel price. At this point, the Southeast Asian nation has already cornered more than half of the world’s supply […]
Tesla’s Steel Causes Strain…and Stain
The world may have come to expect near-perfection from Elon Musk and his products, resulting in the slightest problem with any of them getting amplified in the media. Nonetheless, the latest U.S. steel news has not been kind to Tesla’s recently-launched and significantly delayed electric Cybertruck. The truck started shipping last December, having seen several […]
Stainless MMI: Stainless Steel Prices, a Bearish Market, Outokumpu Expects Quarterly Improvement
The downtrend for nickel prices showed signs of exhaustion, with significant potential to impact stainless steel prices. Nickel moved sideways throughout January with a modest 1.60% decline. While directional momentum remained slow, prices continued to edge lower during the first weeks of February and now sit at their lowest level since April 2021. Overall, the […]
