LME nickel

The World Trade Organization declared that the antidumping duties on stainless steel tubes imposed by China on EU and Japanese imports are illegal in light of WTO rules.

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The 3-month price of nickel fell 1.0% on the LME to $14,750 per metric ton after rising 1.0% the week before. Following a 0.9% increase in the week prior, the nickel spot price fell 0.6% on the LME last week to $14,735 per metric ton. The week’s biggest mover on the weekly Stainless MMI® was the Indian nickel cash price, which saw a 1.6% decline to INR 924.00 ($14.89) per kilogram. This comes on the heels of a 1.8% increase the week before.

Chinese stainless steel prices were mixed for the week. Closing at CNY 10,950 ($1,756) per metric ton, Chinese ferro-chrome remained unchanged for the week. Following a steady week, prices for Chinese ferro-moly closed flat at CNY 82,000 ($13,148) per metric ton.

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The price of Chinese primary nickel fell 1.4% to CNY 107,500 ($17,237) per metric ton after rising 0.6% the week before. At CNY 9,450 ($1,515) per metric ton, the price of Chinese 304 stainless steel scrap did not change since the previous week. Prices for Chinese 316 stainless steel scrap remained constant, closing the week at CNY 13,050 ($2,093) per metric ton. Following a steady week, prices for Chinese 304 stainless coil closed flat at CNY 16,700 ($2,678) per metric ton. Chinese 316 stainless coil traded sideways last week, hovering around CNY 23,700 ($3,800) per metric ton.

Korean 304 stainless coil prices held steady from the previous week at KRW 4.2 million ($3,881) per metric ton. Korean 430 stainless steel coil remained essentially flat from the previous week at KRW 2.6 million ($2,376) per metric ton. Following a steady week, prices for the Allegheny Ludlum 304 stainless surcharge closed flat at $0.70 per pound. Closing at $0.94 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.

Teck Resources Ltd. — the Canada-based diversified miner of copper, zinc, gold, coal and iron ore — said on Thursday it might have to reduce its dividend in July if industry-wide cuts in the production of steelmaking coal fail to lift prices from current historically low levels.

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To bring the market back into balance, an additional 12 million metric ton reduction in supply is needed above the 30 million mt announced since January 2014, Vancouver-based Teck said.

Teck, the world’s second-largest exporter of seaborne steel-making coal, said the market could be back in balance as early as the second half of 2015 if output cuts and mine closures continue at their recent pace.

With a decline of 1.4% to INR 923.80 ($14.81) per kilogram on Thursday, February 12, the Indian nickel cash price recorded the biggest decline of the day. The nickel spot price saw a 1.0% decline on the LME to $14,700 per metric ton. On the LME, the nickel 3-month price declined 1.0% to $14,765 per metric ton.

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Chinese stainless steel closed mixed yesterday. For the fifth consecutive day, the price of Chinese ferro-chrome held flat at CNY 10,950 ($1,754) per metric ton. The price of Chinese ferro-moly saw little movement at CNY 82,000 ($13,135) per metric ton.

The price of Chinese primary nickel fell 1.0% to CNY 106,700 ($17,092) per metric ton. The Allegheny Ludlum 316 stainless surcharge remained essentially flat at $0.94 per pound. The price of Chinese 316 stainless coil saw little movement at CNY 23,700 ($3,796) per metric ton. The price of Chinese 304 stainless coil saw essentially no change for the fifth day in a row, remaining around CNY 16,700 ($2,675) per metric ton. The price of Chinese 316 stainless steel scrap held steady at CNY 13,050 ($2,090) per metric ton.

Canadian miner Sherritt International reported a much wider-than-expected quarterly loss as nickel prices fell due to a supply glut and weak demand from China.

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Nickel prices fell 15% in the fourth quarter, from the third, and are down nearly 30% since May. The company said a strong dollar also contributed to the fall in nickel prices. On an adjusted basis, Sherritt posted a net loss from continuing operations of 27 Canadian cents per share. Analysts had expected a loss of 19 Canadian cents per share, according to Thomson Reuters.

On Wednesday, February 11, the day’s biggest mover was the 3-month price of nickel, which saw a 1.5% decline on the LME to $14,915 per metric ton. The nickel spot price closed at $14,855 per metric ton. Following a couple days of improvement, prices fell by 1.3% on the LME. The Indian nickel cash price saw a 0.9% decline to INR 936.50 ($15.02) per kilogram.

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Chinese stainless steel closed mixed yesterday. The price of Chinese ferro-chrome was unchanged at CNY 10,950 ($1,755) per metric ton. The price of Chinese ferro-moly remained essentially flat at CNY 82,000 ($13,145) per metric ton.

Following a quiet couple of days, the price of Chinese primary nickel fell 1.1% yesterday to CNY 107,800 ($17,280) per metric ton. The Allegheny Ludlum 316 stainless surcharge continues hovering around $0.94 per pound for the fifth day in a row. The price of Chinese 316 stainless coil saw little movement at CNY 23,700 ($3,799) per metric ton. For the fifth day in a row, the price of Chinese 304 stainless coil remained essentially flat at CNY 16,700 ($2,677) per metric ton. The price of Chinese 316 stainless steel scrap showed little movement yesterday at CNY 13,050 ($2,092) per metric ton.

European stainless steel distributors have held back from placing large orders this year as they fear a further decline in surcharges in the months ahead, Germany-based service center Damstahl told Platts Tuesday.

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Distributors will likely continue to purchase material on a hand-to-mouth basis until they think raw material prices have bottomed out, which might happen in February, Damstahl said in the Platts interview.

European stainless steel mills are cautiously optimistic for 2015 on the back of more positive PMI data, and also expect anti-dumping duties against Chinese and Taiwanese cold rolled imports to improve the market outlook, it said.

“This could have a major positive impact on the European mills for their 2015 results,” Damstahl said.

The nickel spot price closed up Monday, February 9 at $14,960 per metric ton, halting two days of weakening prices on the LME with a 0.9% shift. The nickel 3-month price rose 0.7% on the LME to $15,000 per metric ton after a two-day drop. The cash price of primary Indian nickel rose 0.6% to INR 945.10 ($15.25) per kilogram.

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Chinese stainless steel prices were flat for the day. For the fifth day in a row, the price of Chinese ferro-chrome remained essentially flat at CNY 10,950 ($1,755) per metric ton. For the fifth consecutive day, the price of Chinese ferro-moly held flat at CNY 82,000 ($13,139) per metric ton.

The Allegheny Ludlum 316 stainless surcharge was unchanged at $0.94 per pound. The price of Chinese 316 stainless coil continues hovering around CNY 23,700 ($3,797) per metric ton for the fifth day in a row. The price of Chinese 304 stainless coil remained essentially flat at CNY 16,700 ($2,676) per metric ton. Chinese 316 stainless steel scrap saw little change in its price on Monday at CNY 13,050 ($2,091) per metric ton. The price of Chinese 304 stainless steel scrap remained steady at CNY 9,450 ($1,514) per metric ton.

The monthly Stainless MMI® registered a value of 81 in February, a decrease of 3.6% from 84 in January.

Stainless_Chart_February-2015_FNL

It’s been a rather quiet month for US stainless buyers,  without much happening of real importance. There has been more movement for Indian stainless companies than other producers as excess steel capacity in China and other countries is leading to dumping there and the industry has lobbied India’s government to increase import duties on TMT/rebar, hot rolled coils as well as stainless steel to 10% from 7.5%.

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The nickel surplus narrowed to 3,000 metric tons in November from 13,000 tons the previous month, the International Nickel Study Group said in an e-mailed report Monday. HSBC Holdings Plc cut its price forecast for the metal by 11%, citing increasing ore supplies from the Philippines.

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Global output beat demand for a fifth straight month. Japan’s Sumimoto Metal Mining and several analysts have predicted the metal will go into deficit this year.

Chinese ferro-moly saw a 5.7% decline this week, finishing at CNY 82,000 ($13,114) per metric ton and making it the week’s biggest mover on the weekly Stainless MMI®. Following a steady week, prices for Chinese ferro-chrome closed flat at CNY 10,950 ($1,751) per metric ton.

* Get the complete prices every day on the MetalMiner IndX℠

The price of Chinese 304 stainless steel scrap increased by a slight 1.1% over the past week to CNY 9,450 ($1,511) per metric ton. Closing at CNY 13,050 ($2,087) per metric ton for the week, Chinese 316 stainless steel scrap rose by a slight 0.8%. The price of Chinese primary nickel rose 0.6% this week, closing out the third week at CNY 109,000 ($17,431) per metric ton. Closing at CNY 16,700 ($2,671) per metric ton, Chinese 304 stainless coil remained unchanged for the week. Prices for Chinese 316 stainless coil remained constant, closing the week at CNY 23,700 ($3,790) per metric ton.

Korean 304 stainless coil remained essentially flat from the previous week at KRW 4.2 million ($3,881) per metric ton. Korean 430 stainless steel coil prices held steady from the previous week at KRW 2.6 million ($2,376) per metric ton. The Allegheny Ludlum 304 stainless surcharge closed at $0.70 per pound after a flat week. The Allegheny Ludlum 316 stainless surcharge traded sideways last week, hovering around $0.94 per pound.

Closing out the third week of rising prices, the cash price of primary Indian nickel increased by 1.8%, landing at INR 939.10 ($15.21) per kilogram. The 3-month price of nickel shifted up 1.0% on the LME to close at $14,895 per metric ton this week. The spot price of nickel rose 0.9% on the LME to $14,830 per metric ton after falling 0.1% during the previous 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.

Nickel slipped today on the London Metal Exchange after record inventories showed that expected shortages had failed to appear.

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A plunge in China’s imports demonstrated that Asia’s largest economy is losing momentum despite stimulus measures.

The cash price of primary Indian nickel closed as the biggest mover for Friday, February 6. Switching from a downward trend, the metal closed at INR 939.10 ($15.21) per kilogram following a 0.7% increase. On the LME, the 3-month price of nickel fell 0.7% to $14,895 per metric ton. The spot price of nickel saw a 0.6% decline on the LME to $14,830 per metric ton.

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Chinese stainless steel prices were mixed for the day. The price of Chinese ferro-chrome continues hovering around CNY 10,950 ($1,751) per metric ton for the fifth day in a row. Chinese ferro-moly saw little change in its price last Friday at CNY 82,000 ($13,114) per metric ton.

The price of Chinese primary nickel gained 0.4% to finish at CNY 109,000 ($17,431) per metric ton. The Allegheny Ludlum 316 stainless surcharge was unchanged at $0.94 per pound. The price of Chinese 316 stainless coil saw little movement at CNY 23,700 ($3,790) per metric ton. The price of Chinese 304 stainless coil held steady at CNY 16,700 ($2,671) per metric ton. Chinese 316 stainless steel scrap stayed flat at around CNY 13,050 ($2,087) per metric ton.

Worried over large-scale imports amid a sharp fall in international steel prices, Indian manufacturers have sought government intervention to restrict large-scale imports by imposing stiff trade barriers, Livemint reported. The industry has lobbied India’s government to increase import duty on TMT/rebar, stainless steel, hot and cold rolled coils to 10% from 7.5%.

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Excess steel capacity in China and other countries is leading to dumping in India. Furthermore, currency depreciation of Russia’s ruble has caused dumping in India. Steel products can also be imported from Japan and South Korea free under a free trade agreement.

The nickel spot price fell 2.9% on Thursday, February 5 to $14,925 per metric ton on the LME, making it the day’s biggest mover. The 3-month price of nickel changed direction with a 2.4% drop. After two days of improving prices, the metal finished at $15,000 per metric ton on the LME. The cash price of primary Indian nickel declined 1.9% to INR 932.20 ($15.07) per kilogram.

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Chinese stainless steel closed mixed yesterday. For the fifth day in a row, the price of Chinese ferro-chrome remained essentially flat at CNY 10,950 ($1,753) per metric ton. The price of Chinese ferro-moly remained steady at CNY 82,000 ($13,128) per metric ton.

The price of Chinese primary nickel fell 1.7% to CNY 108,600 ($17,387) per metric ton. Following three days of little change, the price of Chinese 304 stainless steel scrap rose by 1.1% to CNY 9,450 ($1,513) per metric ton. The price of Chinese 316 stainless steel scrap gained 0.8%, closing at CNY 13,050 ($2,089) per metric ton. The Allegheny Ludlum 316 stainless surcharge saw essentially no change for the fifth day in a row, remaining around $0.94 per pound. The price of Chinese 316 stainless coil saw little movement at CNY 23,700 ($3,794) per metric ton.

Sumitomo Metal Mining Co., Japan’s biggest nickel producer, expects global output of the metal to fall short of demand in 2015 for the first time in 5 years as supply from China drops.

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Demand will exceed production by 12,000 metric tons, compared with a 36,000-ton surplus last year, according to Hiroshi Sueta, general manager at the Tokyo-based company’s nickel sales and raw materials department. China’s production of nickel pig iron, a cheaper alternative to the refined metal, may drop 15% from a year earlier to 365,000 tons, he said.

“Ore stockpiled in China will be probably exhausted by around the middle of this year,” Sueta told Mineweb in an interview in Tokyo. “They must review their NPI production for the latter half of this year.”

At $15,370 per metric ton, the spot price of nickel moved up 2.2% on Wednesday, February 4, making it the day’s biggest mover on the LME. On the LME, the nickel 3-month price increased 1.8% to $15,375 per metric ton. Following a couple days of improvement, the Indian nickel cash price weakened by 0.4%. Prices closed at INR 950.70 ($15.43) per kilogram.

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Chinese stainless steel prices were flat for the day. The price of Chinese ferro-chrome saw little movement at CNY 10,950 ($1,750) per metric ton. At CNY 82,000 ($13,108) per metric ton, the price of Chinese ferro-moly was essentially unchanged.

The Allegheny Ludlum 316 stainless surcharge was unchanged at $0.94 per pound. The price of Chinese 316 stainless coil saw little movement at CNY 23,700 ($3,789) per metric ton. For the fifth day in a row, the price of Chinese 304 stainless coil remained essentially flat at CNY 16,700 ($2,670) per metric ton. The price of Chinese 316 stainless steel scrap remained essentially flat at CNY 12,950 ($2,070) per metric ton. For the fifth consecutive day, the price of Chinese 304 stainless steel scrap held flat at CNY 9,350 ($1,495) per metric ton.

Stung by cheap imports from Russia, China and other free trade agreement (FTA) countries, stainless steel manufacturers in India have cut prices to 7-10% below the cost of production, according to the Business Standard.

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Stainless steel imports have witnessed a significant increase in the first 9 months (April – December) of India’s current financial year.

The Indian nickel cash price saw a 2.1% increase on Tuesday, February 3, reaching INR 954.60 ($15.46) per kilogram and making it the biggest mover for the day. After a 2.0% increase, the nickel 3-month price finished the day on the LME at $15,100 per metric ton. On the LME, the spot price of nickel increased 1.8% to $15,045 per metric ton.

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Chinese stainless steel closed mixed yesterday. The price of Chinese ferro-chrome was unchanged at CNY 10,950 ($1,749) per metric ton. Chinese ferro-moly saw little change in its price yesterday at CNY 82,000 ($13,096) per metric ton.

At CNY 110,500 ($17,648), the price of Chinese primary nickel finished the market day up 0.9% per metric ton. For the fifth consecutive day, the Allegheny Ludlum 316 stainless surcharge held flat at $0.94 per pound. The price of Chinese 316 stainless coil remained essentially flat at CNY 23,700 ($3,785) per metric ton. The price of Chinese 304 stainless coil saw little movement at CNY 16,700 ($2,667) per metric ton. The price of Chinese 316 stainless steel scrap continues hovering around CNY 12,950 ($2,068) per metric ton for the fifth day in a row.

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