LME nickel

MetalMiner’s monthly Stainless MMI® registered a value of 99 in October, an increase of 12.5 percent from 88 in September.

With the exception of global precious metals, no monthly index reading moved up as much as the Stainless MMI®. The rise, driven by rising nickel prices around the globe, sent surcharges and coil prices surging during September.

stainless steel price index trend 2012

Source: MetalMiner IndX℠

“Like some of the other index values for this month, our concern with the stainless rally involves the demand side of the equation, which we feel still looks somewhat weak,” said Lisa Reisman, managing editor of MetalMiner. “Industry scuttlebutt remains somewhat pessimistic as to stainless pricing in general, further suggesting the price rises have more to do with monetary stimulus than actual demand.”

Nevertheless, companies tend to stock up a bit during the early fall, so prices could remain supported for the near-term.

Price Drivers for the Stainless Steel Index Increase

The 3-month price of nickel closed the month up 13.3 percent on the LME at $18,540 per metric ton. The price of Chinese primary nickel finished the month 15.5 percent higher.

Chinese 304 stainless coil closed the month following a 6.7 percent change in price. Chinese 304 stainless steel scrap prices rose 6.7 percent as well. Meanwhile, Chinese 316 stainless coil finished the month up 2.1 percent per metric ton. Chinese 316 stainless steel scrap shifted up 1.7 percent last month.

The Allegheny Ludlum 316 stainless surcharge finished the month up 4.8 percent, while the 304 stainless surcharge ended September after rising 2.7 percent.

Korean 430 stainless steel coil rose 1.7 percent, and Chinese ferro-chrome prices increased 1.1 percent this past month.

Need more forms and grades of nickel/stainless prices? See what the MetalMiner IndX can do for you.

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 over a 30-day period. 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.

Except for LME nickel, you could hear a pin drop on global stainless markets yesterday.

On Oct. 1, 2012, the nickel spot price experienced the biggest change, rising 2 percent on the LME to $18,515 per metric ton. Also on the LME, the 3-month price of nickel inched up 1.7 percent to $18,540 per metric ton.

The cash price of primary Indian nickel flattened after two days of improvement.

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 as well.

Prices of Chinese 304 and 316 stainless coil and stainless scrap remained essentially unchanged.

The price of Chinese primary nickel also held steady yesterday.

The price of Chinese primary nickel moved up 2.4 percent on Sept. 28, 2012, making it the day’s biggest mover on MetalMiner’s price index for the stainless market.

On the LME, the spot price of nickel inched up 1.3 percent to $18,150 per metric ton. Also on the LME, the nickel 3-month price gained 1 percent to finish at $18,225 per metric ton.

The cash price of primary Indian nickel rose 0.9 percent.

Several prices of Chinese stainless steel and scrap stainless, including 304 and 316 grades, were unchanged.

The price of Chinese ferro-chrome saw little movement. For the fifth day in a row, the price of Chinese ferro-moly remained essentially flat.

The US 316 stainless Allegheny Ludlum surcharge rose 4.4 percent over the past week on MetalMiner’s stainless steel price index, making it the biggest mover. Get full pricing for more than 200 stainless surcharges – the most anywhere – updated daily.

Chinese stainless steel prices – for 304 stainless steel scrap, 316 stainless steel scrap, 304 stainless coil and 316 stainless coil –remained essentially flat from the previous week.

Korean 430 stainless steel coil and Korean 304 stainless coil traded sideways last week as well.

Stainless Steel – Raw Materials Prices

The LME nickel 3-month price rose 3.4 percent over the past week to $18,225 per metric ton. This was the third week in a row of increasing prices. At $18,150 per metric ton, the spot price of nickel finished the week 3.2 percent higher on the LME.

Closing out the third week of rising prices, the Indian nickel cash price increased by 0.6 percent.

The price of Chinese primary nickel rose 4.2 percent this week. The price of Chinese ferro-chrome did not change since the previous week, and Chinese ferro-molybdenum prices held pat as well.

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.

On Sept. 26, 2012, the biggest mover on MetalMiner’s daily stainless price index was the spot price of nickel, which saw a 2.6 percent increase on the LME to $18,270 per metric ton.

Also on the LME, the 3-month price of nickel gained 2.3 percent to finish at $18,340 per metric ton.

The Indian nickel cash price saw a 1.8 percent decline.

Chinese 304 and 316 stainless and scrap stainless steel prices again held flat for the day, perhaps affected by news of continuing slowdown in China and Europe.

The price of Chinese primary nickel finished the day with a 2.1 percent increase. The price of Chinese ferro-chrome held steady, and the price of Chinese ferro-moly continues hovering in place for the fifth day in a row.

The cash price of primary Indian nickel moved up 3.1 percent on Sept. 25, 2012, making it the day’s biggest mover on our stainless price index.

The spot price of nickel saw a 1.1 percent decline on the LME to $17,805 per metric ton. On the LME, the nickel 3-month price declined 0.8 percent to $17,925 per metric ton.

Chinese stainless steel closed flat yet again yesterday.

The price of Chinese primary nickel finished the day with a 0.2 percent rise. The price of Chinese ferro-chrome continues hovering in place for the fifth day in a row. For the fifth consecutive day, the price of Chinese ferro-moly held flat also.

The nickel 3-month price saw the biggest increase on MetalMiner’s stainless price index at 2.6 percent on the LME, finishing at $18,075 per metric ton for Sept. 24, 2012.

Following a 2.3 percent rise on Monday, the spot price of nickel closed on the LME at $18,000 per metric ton. Meanwhile, the cash price of primary Indian nickel fell 2.2 percent.

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On Sept. 21, 2012, the day’s biggest mover on MetalMiner’s stainless price index was the Indian nickel cash price, which saw a 1.5 percent increase. This increase comes after the price fell for the two previous days.

On the LME, the 3-month price of nickel declined 1.1 percent to $17,625 per metric ton. Also on the LME, the nickel spot price fell 1 percent to $17,595 per metric ton.

Chinese stainless steel prices — for 316 stainless coil, 304 stainless coil, 316 stainless steel scrap and 304 stainless steel scrap — closed flat for the day.

The price of Chinese primary nickel showed little movement last Friday and the prices of Chinese ferro-chrome and Chinese ferro-moly remained essentially flat.

The nickel spot price saw the largest upwards shift on MetalMiner’s weekly Stainless MMI®, rising 5.5 percent on the LME. Also on the LME, the nickel 3-month price rose 5.4 percent last week.

The cash price of primary Indian nickel rose 1.2 percent over the past week.

Prices for Chinese stainless steel were also up for the week.

Chinese 304 stainless steel scrap prices rose 3.9 percent, and Chinese 304 stainless coil prices shot up 3.9 percent as well. Chinese 316 stainless coil gained a slight 1.4 percent this past week, while the price of Chinese 316 stainless steel scrap rose 1.2 percent, after falling 0.6 percent during the previous week.

Chinese ferro-chrome remained essentially flat from the previous week, and prices for Chinese ferro-moly remained constant. The price of Chinese primary nickel closed after a 3 percent rise.

Following a steady week, prices for Korean 430 stainless steel coil closed flat, and the week finished with no movement for Korean 304 stainless coil either.

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.

Strengthening prices ended a three-day flat streak as the price of Chinese 304 stainless steel scrap moved up by 3.9 percent on Sept. 20, 2012 on our stainless price index.

After a 3.9 percent increase, the price of Chinese 304 stainless coil finished the day just below $3,000 per metric ton. The price of Chinese 316 stainless coil finished the day with a 1.4 percent increase. The price of Chinese 316 stainless steel scrap held steady.

The price of Chinese ferro-chrome saw little movement while the price of Chinese ferro-moly was unchanged.  The price of Chinese primary nickel increased 0.2 percent.

The Indian nickel cash price declined 0.9 percent.

On the LME, the nickel spot price fell 0.1 percent to $17,775 per metric ton. Also on the LME, the 3-month price of nickel saw little change in its price yesterday at $17,830 per metric ton.

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