LME nickel

Dropping 5.9 percent, the price of Chinese primary nickel was the biggest mover on June 26, 2012, closing over $19,300 per metric ton. Chinese 304 stainless steel scrap finished the day up 2.2 percent.  After holding steady for the past few days, the price of Chinese 316 stainless coil fell 1.6 percent. The price of Chinese 316 stainless steel scrap held steady near $2,700 per metric ton. The price of Chinese 304 stainless coil saw little movement.

The price of Chinese ferro-chrome was unchanged. For the fifth consecutive day, the price of Chinese ferro-moly also held flat near $22,800 per metric ton.

Following a two-day drop, the nickel 3-month price increased by 0.6 percent on the LME to $16,400 per metric ton. After falling for two days, the cash price of primary Indian nickel rose 0.5 percent. The spot price of nickel rose 0.4 percent on the LME to $16,325 per metric ton after a two-day drop.

The price of Chinese primary nickel saw a 6.3 percent increase on June 25, 2012, making it the biggest mover for the day on our index tracking stainless steel and raw materials inputs.

Following suit, the price of Chinese 316 stainless steel scrap shifted down 1.7 percent after three quiet days. The price of Chinese 304 stainless steel scrap held steady at above $2,800 per metric ton.

The price of Chinese 304 stainless coil saw essentially no change for the fifth day in a row, and the price of Chinese 316 stainless coil saw little movement, holding south of $4,800 per metric ton.

Nickel prices in other markets moved too.

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Global Nickel Prices

With a decline of two percent on June 22, 2012, the Indian nickel cash price recorded the biggest shift of the day.

After improving for two days, the spot price of nickel declined 1.5 percent on the LME to $16,775 per metric ton. Following a couple days of improvement, the 3-month price of nickel weakened by 1.5 percent on the LME. Prices closed at $16,865 per metric ton.

The price of Chinese primary nickel saw little movement last Friday, remaining under $20,000 per metric ton.

How did stainless steel prices fare?

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Prices for Chinese 316 stainless steel scrap saw the biggest increase on the weekly Stainless MMI® this week, rising 1.7 percent. Meanwhile, the price of Chinese primary nickel fell 1.6 percent, after rising 3.1 percent the week before.

Prices for Chinese 304 stainless steel scrap remained constant, closing the week north of $2,800 per metric ton. Chinese 304 stainless coil remained essentially flat from the previous week, while Chinese 316 stainless coil prices held steady as well at under $4,800 per metric ton.

Chinese ferro-chrome traded sideways last week, and at below $23,000 per metric ton, the week finished with no movement for Chinese ferro-moly.

At more than $2,200 per metric ton, the price of Korean 430 stainless steel coil did not change since the previous week. Korean 304 stainless coil also remained unchanged for the week.

On the LME, the nickel 3-month price ticked up 0.2 percent over the past week to $16,865 per metric ton. The nickel spot price settled at $16,775 per metric ton this week after shifting up 0.1 percent on the LME. The Indian nickel cash price rose 0.1 percent over the past 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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