The nickel price remained within a strong downtrend throughout November, hitting its lowest point since April 2021. While prices appeared to stabilize during the first half of December, the nickel market has overwhelmingly proven itself the worst-performing base metal, with a roughly 45% year-to-date drop. Overall, the Stainless Monthly Metals Index (MMI) moved sideways, falling […]
Category: Stainless Steel
Stainless MMI: Stainless Market Bearish, Nickel Prices Prove Worst-Performing Base Metal of 2023
Nickel prices remained within a strong downtrend throughout November, hitting their lowest level since April 2021. While prices appeared to stabilize during the first half of December, the nickel market has overwhelmingly proven itself the worst-performing base metal with a roughly 45% year-to-date drop. Overall, the Stainless Monthly Metals Index (MMI) remained bearish, with a […]
Stainless MMI: Stainless Market, Nickel Price Remain Bearish
Nickel price data continued to decline during the month, dropping a total of 4.06%. While prices remain above their pre-squeeze historical average, they recently fell to their lowest level since October 2021 as they continue to slip below short-term support. All components declined during the month, which saw the Stainless Monthly Metals Index (MMI) fall 4.56% […]
Stainless MMI: Stainless Mills Scramble for Orders as Nickel Prices Hit 2-year Low
Nickel prices remained decidedly bearish throughout October, experiencing the largest monthly decline amongst base metals. Indeed, prices fell over 7% to their lowest level since October 2021. Overall, the Stainless Monthly Metals Index (MMI) continued to decline, dropping 5.74% from September to October. Crush the competition by getting access to weekly exclusive nickel market intel. Opt into MetalMiner’s free […]
Stainless MMI: Stainless Inventories High, Mill Lead Times Low as Base Prices Hold Firm
The nickel price index continued to trend downward, as it fell to its lowest level since July 2022 by mid-September. Following an over 7% decline during August, prices fell nearly 3% during the first two weeks of September. As prices drop toward historical support zones, they come close to wiping out nearly all gains from […]
Stainless MMI: Outokumpu Looks to Expand After Q2 Drop, Nickel Prices Find Lower High
Although nickel prices rose more than 8% during July, prices found a peak at the beginning of August and fell to create a higher high. Indeed, prices began to retrace downward as bearish patterns became apparent in price action. While prices have yet to substantially break below monthly support or create a new lower low, […]
Stainless MMI: Stainless Output Dropped, 304 Surcharge Bearish, Nickel Prices Return Sideways
After nickel prices saw a sharp slowdown in May, prices started to form sideways trends in relief to the downtrend. Like other base metals, nickel prices rallied during the first weeks of June until bullish momentum exhausted itself and prices retraced to the downside. Prices found a bottom at the end of June and continue […]
Metal Prices: Hot-Rolled Coil Trends Down, Nickel Appears Bearish
Metal prices demonstrated increasingly-bearish short-term movement over the past couple of weeks. HRC, for instance, continues to trend downward while nickel faces extensive bearish pressure. But while prices may continue to decline in the short-term, will the long-term trend continue? Nickel in a Bearish Market Nickel prices fell more than 20% in the first three […]
Stainless MMI: Stainless Remains a Buyer’s Market Amid Flat Global Demand Projections
The Stainless Monthly Metals Index (MMI) rose a modest 0.67% from April to May. Following increased volatility over the last few months, nickel prices began to slow down in terms of sharp breakouts or breakdowns. As a result, the larger sideways trend continued with no clear direction. Does your company have a stainless buying strategy […]
Stainless MMI: Index Falls as Stainless Steel Price Appears Bearish
The Stainless Monthly Metals Index (MMI) fell 7.53% from March to April. Downside momentum continued to pressure the nickel market, sending prices down into support zones. Meanwhile, no bullish reversal patterns have formed, leaving the global stainless steel price at high risk of further decline. Get weekly updates on nickel and stainless steel price trends […]
