The Stainless Monthly Metals Index (MMI) moved up with a 7.32% rise from November to December. Meanwhile, the nickel price index appeared decidedly bullish throughout the month. While nickel prices modestly retraced from their early month rally, upside price action continued to support the short-term range breakout. Sustained increases should foster further bullish anticipation, which […]
Category: Stainless Steel
Nickel Market Volatility Leaves Buyers Confused
November marked a rocky roller coaster for many metal prices, and the nickel price index was no exception. After the sharp rally at the beginning of the month, nickel prices eventually bounced back down. At the time, MetalMiner noted that the rally would prove short-term at best and didn’t indicate a true reversal. The LME’s […]
Conditions Ripe for a Nickel Price Squeeze
The recent rise in aluminum, copper, and nickel price have created some short-term uncertainty as companies finalize their long-term contracts for 2023. Earlier this month, all three metals rose on the back of rumors that China might begin easing zero-COVID restrictions. In addition, the USD index has dropped from its September peak of 114. As […]
Stainless Steel MMI: Supplier Inventories High & Nickel Starts Rally
The Stainless Monthly Metals Index (MMI) moved sideways with a modest 1.41% decline from October to November. All in all, the stainless steel price movement primarily reacted to volatility in nickel trading. Nickel held historically low volume levels over recent months, while nickel prices remained within their short-term range. By November, however, prices began to […]
Stainless MMI: Nickel Prices Down After Bullish Month
By: Nichole Bastin and Katie Benchina Olsen The Stainless Steel Monthly Metals Index (MMI) rose 3.35% from September to October. Last month, nickel prices traded up with a strong rebound during the first three weeks. However, prices soon fell back within range. These declines continued until the opening days of October, with prices mainly remaining […]
Stainless Steel MMI: Nickel Prices Move Sideways, Begin to Climb in September
By Nichole Bastin and Katie Benchina Olsen The Stainless Steel Monthly Metals Index (MMI) dropped 5.08% from August to September. Nickel prices began to rise this month, breaking through prior highs visible on shorter time frames such as the hourly and daily charts. Ultimately, prices bounced off bullish zones formed before the LME’s shutdown in […]
Stainless Steel in a “Commodity Standoff”
Stainless steel prices continue to struggle as we approach the final quarter of the year. Meanwhile, nickel prices float just above their 2021 average, closing August at $21,320 / mt. Both indices seem to indicate an overly-cautious marketplace, with buyers and sellers seemingly waiting to see what the other will do. This sort of “commodity” […]
