LME nickel

Weakening prices changed direction when the cash price of primary Indian nickel rose 2.4 percent on Oct. 18, 2012, on our daily stainless price index.

The nickel 3-month price on the LME has been on the decline for 8 days and is now at $16,875 per metric ton. The nickel spot price on the LME has been on the decline for 8 days also and is now at $16,800 per metric ton.

Chinese stainless steel and its raw material input prices were mixed for the day.

The price of Chinese ferro-chrome held steady, the price of Chinese ferro-moly saw essentially no change for the fifth day in a row, and following a 0.2 percent rise yesterday, the price of Chinese primary nickel closed up.

For the fifth day in a row, the prices of Chinese 304 and 316 stainless coil and scrap remained essentially flat.

The cash price of primary Indian nickel saw a 1.5 percent drop on Oct. 17, 2012, making it the biggest mover of the day on MetalMiner’s stainless steel price index.

The nickel spot price on the LME has been on the decline for 7 days and is now at $17,025 per metric ton. The LME nickel 3-month price has been on the decline for 7 days and is now at $17,135 per metric ton.

Chinese stainless steel closed mixed yesterday.

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The week’s biggest mover on the weekly Stainless MMI® was the spot price of nickel, which saw a 5.4 percent decline on the LME to $17,640 per metric ton. This comes on the heels of a 2.7 percent increase the week before.

Following a 2.1 percent increase in the week prior, the nickel 3-month price fell 4.8 percent on the LME last week to $17,700 per metric ton.

The Indian nickel cash price finished the week down 5.2 percent.

Meanwhile, Chinese and Korean stainless steel prices were mixed for the week.

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On Oct. 12, 2012, the Indian nickel cash price fell by 3 percent, making it the day’s biggest mover on MetalMiner’s stainless price index.

On the LME, the nickel 3-month price fell 0.7 percent to $17,700 per metric ton. The spot price of nickel weakened by 0.5 percent on the LME, settling at $17,640 per metric ton.

Chinese stainless steel closed mixed last Friday. The price of Chinese ferro-chrome continues hovering in the same spot for the fifth day in a row. The price of Chinese ferro-moly held steady.

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With a decline of 1.1 percent on the LME to $17,730 per metric ton on Oct. 11, 2012, the spot price of nickel recorded the biggest decline of the day on MetalMiner’s stainless price index.

Also on the LME, the nickel 3-month price fell 0.8 percent to $17,825 per metric ton. Weakening prices followed two days of improvement as the Indian nickel cash price dropped 0.5 percent. The price of Chinese primary nickel declined 0.8 percent.

Chinese stainless steel closed mixed yesterday. The price of Chinese ferro-chrome remained essentially flat, and Chinese ferro-molybdenum was unchanged.

The prices of Chinese 304 and 316 stainless coil and scrap showed little movement yesterday.

On Oct. 10, 2012, the day’s biggest mover on MetalMiner’s stainless price index was the price of Chinese 316 stainless coil, which saw a 0.7 percent decline. This was the first move after three changeless days, likely due to the weeklong Chinese national holiday.

The prices of Chinese 304 and 316 stainless steel scrap, and 304 stainless coil, all remained essentially flat.

The price of Chinese ferro-chrome held steady. For the fifth day in a row, the price of Chinese ferro-moly remained essentially flat as well.

Nickel Price Movement

The price of Chinese primary nickel weakened by 0.5 percent. The cash price of primary Indian nickel gained 0.2 percent. The nickel 3-month price showed little movement on Wednesday on the LME at $17,975 per metric ton.

The nickel spot price steadied at $17,925 per metric ton following two-days of dropping prices on the LME.

On Oct. 9, 2012, the day’s biggest mover on MetalMiner’s stainless price index was the nickel spot price, which saw a 3.4 percent decline on the LME to $17,925 per metric ton.

A $620 decline in the 3-month price of nickel on the LME left the price at $17,975 per metric ton.

The cash price of primary Indian nickel rose 0.3 percent after a two-day drop.

Chinese stainless steel and raw material input prices were mixed for the day. For the fifth consecutive day, the price of Chinese ferro-chrome held flat, and the price of Chinese ferro-moly continues hovering in the same spot.

The price of Chinese primary nickel saw a 0.8 percent decline, but Chinese 304 and 316 stainless coil and scrap prices continued to hold steady.

Chinese metal traders returned to their computer bays and trading floors on Monday after a week-long holiday kept stainless markets generally quiet.

However, while Chinese nickel prices had a flat week, the biggest mover on MetalMiner’s weekly stainless steel price index was the spot price of nickel, which saw a 2.7 percent increase on the LME to $18,640 per metric ton. This week marked the third in a row of rising prices for the metal. Finishing the fourth week of rising prices, the 3-month price of nickel increased by 2.1 percent on the LME, finishing at $18,600 per metric ton.

In global nickel news, according to a report cited by e-stainlesssteel.com, the Malaysian Iron and Steel Industry Federation predicted that the total production of cold rolled (CR) stainless steel in Malaysia, Thailand, Indonesia and Vietnam (the four countries in the Association of Southeast Asian Nations) is expected to reach 1.235 million tons in 2015, surging sharply from 400,000 tons in 2010.

Also, according to e-stainlesssteel.com, South Korean steel giant Posco announced to raise its list prices for austenitic hot rolled and cold rolled coils by 200,000 won per ton for October contracts, in response to sharply rising nickel prices.

How did other nickel, stainless steel and raw material input prices fare for the week on the MetalMiner IndX(SM)?

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The 3-month price of nickel fell 5.4 percent on Oct. 5, 2012 to $18,600 per metric ton on the LME, making it the day’s biggest mover on the MetalMiner IndX℠. On the LME, the spot price of nickel increased 0.1 percent to $18,640 per metric ton.

Meanwhile, the Indian nickel cash price declined 1.1 percent.

Chinese stainless steel and key raw material input prices closed flat for the day.

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The nickel spot price saw the biggest increase at 1.9 percent on the LME, finishing at $18,830 per metric ton for Oct. 3, 2012. On the LME, the nickel 3-month price increased 1.6 percent to $18,855 per metric ton.

The Indian nickel cash price closed Wednesday halting its two-day flat run with a 0.1 percent decline.

Chinese stainless steel prices for 304 and 316 coil and scrap were flat for the day.

The price of Chinese ferro-chrome held steady, and the price of Chinese ferro-moly saw essentially no change for the fifth day in a row.

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