LME nickel

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.

Need more global stainless steel or nickel prices daily? See how MetalMiner can help.

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.

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