LME nickel

The Indian nickel cash price saw a 0.6 percent increase on July 26, 2012, making it the biggest mover for the day on our stainless steel price index.

After dropping for two days on the LME, the spot price of nickel flattened at $15,600. The 3-month price of nickel saw little movement yesterday on the LME, closing out around $15,680 per metric ton.

Chinese stainless steel prices were mixed.

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The price of Chinese primary nickel experienced the biggest price shift of the day, dropping 1.4 percent on July 25, 2012.

The price of Chinese 304 stainless steel scrap showed little movement on Wednesday, and the price of Chinese 316 stainless steel scrap was essentially unchanged. The price of Chinese 304 stainless coil remained steady above $2,800 per metric ton, and Chinese 316 stainless coil held its value on Wednesday in the mid-$4,500-per-metric-ton range.

The price of Chinese ferro-chrome held steady, dipping below $1,300 per metric ton. The price of Chinese ferro-moly remained essentially flat above $22,700 per metric ton.

The cash price of primary Indian nickel inched up 1.4 percent. The 3-month price of nickel is back up, rising by 0.4 percent on the LME yesterday to close at $15,680 per metric ton. On the LME, the nickel spot price fell 0.2 percent to $15,600 per metric ton.

Following a three-day flat streak, the price of Chinese 316 stainless coil dropped by 2.3 percent on July 24, 2012.

The price of Chinese 316 stainless steel scrap moved on Tuesday as well. After a few changeless days, prices dropped 0.6 percent. The price of Chinese 304 stainless steel scrap halted its two-day flat run with a 0.5 percent decline. After two changeless days, the price of Chinese 304 stainless coil fell 0.5 percent too.

After a couple of days of decreasing prices, the price of Chinese primary nickel held steady at above $18,000 per metric ton.

On the LME, the nickel 3-month price declined 1.7 percent to $15,625 per metric ton. The spot price of nickel saw a 1.1 percent decline on the LME to $15,630 per metric ton. The Indian nickel cash price rose 0.2 percent.

The price of Chinese ferro-chrome held steady below the $1,300 per metric ton threshold. The price of Chinese ferro-moly saw little movement yesterday.

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On July 23, 2012, the day’s biggest mover was the LME nickel spot price, which saw a 2.3 percent decline to $15,810 per metric ton. The nickel 3-month price saw a 1.7 percent decline on the LME to $15,895 per metric ton.

The Indian nickel cash price held steady between $10-20 per kilogram.

The Chinese stainless steel complex closed mixed yesterday. For the fifth day in a row, the prices of Chinese ferro-chrome and Chinese ferro-moly remained essentially flat.

The price of Chinese primary nickel fell 1.1 percent. The price of Chinese 316 stainless coil remained essentially flat below $4,700 per metric ton. The price of Chinese 304 stainless coil held steady in the mid-$2,800 per metric ton range.

Chinese 316 stainless steel scrap saw little change in its price on Monday, while Chinese 304 stainless steel scrap stayed flat at above $2,800 per metric ton.

Daily Stainless and Nickel Market Activity

The Indian nickel cash price saw a 2.6 percent drop on July 20, 2012, making it the biggest mover of the day. After a 1.2 percent increase, the spot price of nickel finished the day on the LME at $16,175 per metric ton. At $16,175, the 3-month price of nickel finished the market day on the LME up 0.8 percent per metric ton.

The price of Chinese primary nickel fell one percent on Friday. Chinese stainless prices saw no daily movement.

Weekly Stainless Steel Index Prices

The Indian nickel cash price dropped 2.9 percent on the week overall, making it the biggest mover on the weekly Stainless MMI®. The spot price of nickel rose 2.1 percent on the LME to $16,175 per metric ton after falling 6.4 percent during the previous week. The 3-month price of nickel rose 0.6 percent on the LME to $16,175 per metric ton after falling 5.3 percent during the previous week.

Chinese ferro-chrome traded sideways last week, making it just above $1,300 per metric ton. Following a steady week, prices for Chinese ferro-moly closed flat. The price of Chinese primary nickel fell one percent for the week.

Chinese 304 stainless steel scrap rose 1.1 percent over the past week, and so did Chinese 304 stainless coil. The price of Chinese 316 stainless steel scrap fell 0.6 percent, the fourth week in a row of declining prices. Chinese 316 stainless coil prices held steady from the previous week below $4,700 per metric ton.

Closing below $2,300 per metric ton, Korean 430 stainless steel coil remained unchanged for the week. The price of Korean 304 stainless coil also did not move from 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.

On July 19, 2012, the day’s biggest mover on stainless and nickel markets was the cash price of primary Indian nickel, which saw a 1.3 percent increase. The 3-month price of nickel saw a one percent decline on the LME to $16,040 per metric ton. On the LME, the nickel spot price declined 0.7 percent to $15,980 per metric ton.

Chinese stainless steel prices were mixed for the day. For the fifth day in a row, the price of Chinese ferro-chrome remained essentially flat above $1,300 per metric ton. The price of Chinese ferro-moly continues hovering below $22,800 per metric ton.

On the tail of a three-day flat streak, the price of Chinese 304 stainless coil rose by 1.1 percent. The price of Chinese 304 stainless steel scrap gained 1.1 percent as well.

The price of Chinese 316 stainless coil remained essentially flat below $4,700 per metric ton. The price of Chinese 316 stainless steel scrap remained steady north of $2,600 per metric ton.

The price of Chinese primary nickel inched up 0.4 percent.

With a decline of 1.2 percent on July 18, 2012, the price of Chinese primary nickel recorded the biggest shift of the day on stainless and raw material inputs markets.

At $16,200, the 3-month price of nickel finished the market day on the LME up 1.2 percent per metric ton. Also on the LME, the nickel spot price rose 0.9 percent to $16,100 per metric ton. The cash price of primary Indian nickel, however, saw a 0.5 percent decline.

China stainless steel and other raw material input prices were relatively quiet.

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The Indian nickel cash price saw the biggest increase on global stainless and raw materials markets on July 17, 2012, at 1.4 percent.

The spot price of nickel weakened by 1.2 percent on the LME, settling at $15,955 per metric ton. The 3-month price of nickel saw a 1.2 percent decline on the LME to $16,000 per metric ton.

Chinese stainless steel prices, meanwhile, were mixed for the day.

The price of Chinese ferro-chrome held steady at $1,300 per metric ton. For the fifth day in a row, the price of Chinese ferro-moly remained essentially flat.

The price of Chinese primary nickel finished the market day up 0.8 percent per metric ton. The price of Chinese 316 stainless steel scrap fell 0.6 percent yesterday after three straight days with no change.

Chinese 316 stainless coil prices held steady at below $4,700 per metric ton. The price of Chinese 304 stainless coil remained steady at above $2,800 per metric ton. Finally, the price of Chinese 304 stainless steel scrap showed little movement on Tuesday.

Dropping 2.5 percent, the Indian nickel cash price was the biggest mover on July 16, 2012. On the LME, the spot price of nickel gained two percent to finish at $16,150 per metric ton. After falling for two days, the nickel 3-month price rose 0.7 percent on the LME to $16,195 per metric ton.

Chinese stainless steel prices were flat for the day. The price of Chinese ferro-chrome saw little movement, but fell below $1,300 per metric ton for the first time in ages. The price of Chinese ferro-moly continues hovering around below $22,700 per metric ton.

For the fifth day in a row, the price of Chinese 316 stainless coil remained essentially flat. The price of Chinese 304 stainless coil remained steady as well.

The price of Chinese 316 stainless steel scrap held pat between $2,500 and $3,000 per metric ton. The price of Chinese 304 stainless steel scrap showed little movement on Monday at above $2,800 per metric ton. The price of Chinese primary nickel flattened after two days of downward movement.

The week’s biggest mover on the weekly Stainless MMI® was the spot price of nickel, which saw a 6.4 percent decline on the LME to $15,835 per metric ton. This comes on the heels of a 3.4 percent increase the week before.

The nickel 3-month price fell 5.3 percent on the LME to $16,080 per metric ton after rising 3.4 percent the week before. The cash price of primary Indian nickel fell 1.4 percent over the past week. This was the fourth week in a row of declining prices.

According to the site estainlesssteel.com, LME nickel stockpiles in warehouses “rose hard” on Friday, up to 107,100 metric tons, which is close to the highest level seen yet this year — 107,826 tons. Also according to the site, MarketWatch is reporting that we may see lower metals prices this week because of Chinese Premier Wen Jibao’s comments that the economic rebound was “not yet stable.”

The Baltic Dry Index has begun to come off again, standing at a price value of 1,100, after a recent peak on July 10 — the highest since early May.

Meanwhile, Chinese stainless steel prices were mixed for the week. Prices for Chinese ferro-chrome remained constant, closing the week above $1,300 per metric ton. The price of Chinese ferro-moly did not change since the previous week.

Following a 0.7 percent increase in the week prior, the price of Chinese primary nickel fell 3.3 percent last week. Chinese 316 stainless steel scrap closed out the week after a 0.6 percent decline. Chinese 304 stainless steel scrap remained essentially flat from the previous week at above $2,800 per metric ton.

Following a steady week, prices for Chinese 304 stainless coil closed flat, holding very close to the 304 scrap price. Chinese 316 stainless coil prices held steady from the previous week at below $4,700 per metric ton.

At above $2,200 per metric ton, the week finished with no movement for Korean 430 stainless steel coil. Korean 304 stainless coil also 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.

 

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