LME nickel

Dropping 1.1 percent, the price of Chinese primary nickel was the biggest mover on Aug. 9, 2012.

After holding steady for the past few days, the price of Chinese 316 stainless steel scrap fell 0.6 percent. Chinese 304 stainless steel scrap stayed flat at above $2,800 per metric ton.

Chinese 304 stainless coil held its value yesterday, and the price of Chinese 316 stainless coil was unchanged.

The price of Chinese ferro-chrome saw little movement, holding at its mark above $1,300 per metric ton. The price of Chinese ferro-moly remained essentially flat as well.

On the LME, the spot price of nickel gained 0.2 percent to finish at $15,475 per metric ton. On the LME, the 3-month price of nickel increased 0.1 percent to $15,545 per metric ton.

Finally, the Indian nickel cash price declined 0.1 percent.

Dropping 1.8 percent, the Indian nickel cash price was the biggest mover on Aug. 8, 2012.

The nickel spot price saw little movement yesterday on the LME, closing out around $15,450 per metric ton. On the LME, the 3-month price of nickel held steady around $15,525 per metric ton.

Chinese stainless steel prices were flat for the day.

For the fifth day in a row, the price of Chinese 316 stainless coil remained essentially flat above $4,500 per metric ton. The price of Chinese 304 stainless coil remained essentially flat above $2,800 per metric ton.

The price of Chinese 316 stainless steel scrap held steady above $2,600 per metric ton. At just north of $2,800 per metric ton, the price of Chinese 304 stainless steel scrap was essentially unchanged.

The price of Chinese primary nickel steadied above $18,000 per metric ton following two days of increases.

The prices of Chinese ferro-chrome and Chinese ferro-moly held flat again.

The Indian nickel cash price moved up 1.4 percent on Aug. 7, 2012, making it the day’s biggest mover on MetalMiner’s stainless steel and raw material inputs index.

The 3-month price of nickel is back up, rising by 0.8 percent on the LME on Tuesday to close at $15,525 per metric ton. After falling for two days, the nickel spot price rose 0.5 percent on the LME to $15,450 per metric ton.

Chinese stainless steel closed mixed yesterday.

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With a decline of 1.2 percent on the LME to $15,400 per metric ton on August 6, 2012, the 3-month price of nickel recorded the biggest decline of the day on our stainless steel and raw materials inputs index. Also on the LME, the nickel spot price fell 0.6 percent to $15,375 per metric ton.

The cash price of primary Indian nickel weakened by 0.7 percent.

Chinese stainless steel and raw material inputs 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 2.8 percent decline on the LME to $15,475 per metric ton. This week marked the third in a row of declining prices for the metal. (Check out MetalMiner’s recent stainless and nickel price outlook.)

At $15,590 per metric ton, the 3-month nickel price finished the week down 2.3 percent on the LME.

Following a 0.7 percent increase in the week prior, the Indian nickel cash price fell 1.8 percent last week.

The week finished with no movement for Chinese ferro-chrome. Chinese ferro-moly prices held steady from the previous week, holding above $22,700 per metric ton.

The price of Chinese primary nickel fell 1.9 percent over the past week. This was the third week in a row of declining Chinese nickel prices. Chinese 316 stainless coil prices were off slightly, down roughly $20 per metric ton from a week ago. Prices for Chinese 304 stainless steel scrap remained constant, closing the week above $2,800 per metric ton.

Chinese 316 stainless steel scrap traded sideways last week, hovering above $2,600 per metric ton. Chinese 304 stainless coil remained essentially flat from the previous week north of $2,800 per metric ton.

Closing below $2,300 per metric ton, Korean 430 stainless steel coil remained unchanged for the week. At above $3,700 per metric ton, the price of Korean 304 stainless coil did not change since 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.

Following two days of increases, the cash price of primary Indian nickel dropped by 2.4 percent on Aug. 1, 2012.

On the LME, the 3-month price of nickel declined 1.4 percent to $16,010 per metric ton. The spot price of nickel saw a 0.1 percent decline on the LME to $15,995 per metric ton.

*Check in with MetalMiner next Monday, Aug. 6 for a stainless steel and nickel price outlook.  

Meanwhile, Chinese stainless steel closed mixed yesterday.

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The monthly Stainless MMI® registered a value of 89 in August, a decrease of 3.3 percent from 92 in July.

*Download exclusive August 2012 commentary for ALL MMIs — all 10 metals markets and industries in one place.

The Stainless MMI® took a three-point hit throughout July, largely due to dropping demand in China as evidenced by falling prices for both 316 and 304 grades, even though 304 saw only a small drop.

In addition, falling nickel prices on the LME also impacted the overall complex and led to US domestic surcharge declines for both 316 and 304.

“The Stainless MMI® continues to wobble,” said Lisa Reisman, executive editor of MetalMiner. “What we find most striking with this month’s stainless index relates to the divergent pricing across global markets. For example, stainless prices rose slightly in Korea while they dropped elsewhere in Asia, particularly in China.”

“China’s PMI results for July continue to suggest demand has weakened and we see that throughout the monthly MMI results,” Reisman continued.

We note that the Bureau of Economic Analysis (BEA) has revised down its estimates of consumer goods expenditures during the previous quarter, as reported by the Consumer Metrics Institute: “The contribution to the annualized growth rate from consumer expenditures for goods weakened substantially to 0.18%, (down from 1.11% in the prior quarter, and down even further, from 1.29%, since the fourth quarter of 2011).”

This decline in consumer goods demand has contributed to sagging stainless prices.

Price Drivers of Stainless Steel Index Decline

The Allegheny Ludlum 316 stainless surcharge dropped 5.2 percent. The Allegheny Ludlum 304 stainless surcharge declined 5 percent over the month.

The price of Chinese 316 stainless coil fell 3.4 percent over the past month, the second straight month of declines. The price of Chinese primary nickel saw a small decline this month, falling 5 percent. The value of Chinese 304 stainless steel scrap weakened by 0.4 percent this month. Chinese 304 stainless coil prices decreased by 0.4 percent as well.

The price of Chinese 316 stainless steel scrap closed the month down 2.1 percent.

After dropping the previous month, the 3-month price of nickel prices dipped 1.2 percent on the LME to $16,245 per metric ton.

Chinese ferro-chrome dropped very slightly since last month, as did  Chinese ferro-moly prices.

Korean 304 stainless coil experienced a slight bump, increasing 0.6 percent. Korean 430 stainless steel coil also rose by the same margin.

*Download exclusive August 2012 commentary for ALL MMIs — all 10 metals markets and industries in one place.

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.

The cash price of primary Indian nickel saw a 1.1 percent increase on July 30, 2012, making it the biggest mover for the day.

On the LME, the spot price of nickel declined 0.4 percent to $15,855 per metric ton. The nickel 3-month price saw a 0.4 percent decline on the LME to $15,905 per metric ton.

Chinese stainless steel prices were mixed for the day.

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With a 2.1 percent increase before the weekend, the spot price of nickel was the biggest mover on the LME, closing at $15,925 per metric ton on July 27, 2012. On the LME, the nickel 3-month price gained 1.8 percent to finish at $15,965 per metric ton.

Following a couple days of improvement, the Indian nickel cash price weakened by 1.4 percent.

Chinese stainless steel prices were mixed for the day.

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Chinese stainless steel prices were down for the week on MetalMiner’s stainless steel price index.

Chinese 316 stainless coil closed out the week with a 2.3 percent decline. The price of Chinese primary nickel dropped 1.9 percent this week, closing out the third consecutive week of falling prices. The price of Chinese 304 stainless steel scrap fell 1.1 percent after rising 1.1 percent the week before.

Following a 1.1 percent increase in the week prior, the price of Chinese 304 stainless coil came back to prime, falling 1.1 percent last week. The price of Chinese 316 stainless steel scrap fell 0.6 percent over the past week — the third week in a row of declining prices.

The price of Chinese ferro-chrome did not change since the previous week. Prices for Chinese ferro-moly remained constant as well, closing the week above $22,500 per metric ton.

Following a steady week, prices for Korean 430 stainless steel coil closed flat above $2,200 per metric ton. At south of $3,700 per metric ton, the week finished with no movement for Korean 304 stainless coil.

The nickel spot price fell 1.5 percent on the LME to $15,925 per metric ton after rising 2.1 percent the week before. Following a 0.6 percent increase in the week prior, the nickel 3-month price fell 1.3 percent on the LME last week to $15,965 per metric ton. The Indian nickel cash price rose 0.7 percent after falling 2.9 percent 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.

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