The Stainless Monthly Metals Index (MMI) rose 14.58% from December to January as nickel prices retreated. Nickel prices continued to rally throughout December. But by January, prices began to show minor pullbacks that could become the beginning of a short-term sideways trend. Until prices break the new range, the market direction will remain unclear. Market […]
Tag: Stainless MMI
Stainless MMI: Reduced Stainless Imports Could Cause Shortages, Bullish Nickel Price
The Stainless Monthly Metals Index (MMI) moved up with a 7.32% rise from November to December. Meanwhile, the nickel price index appeared decidedly bullish throughout the month. While nickel prices modestly retraced from their early month rally, upside price action continued to support the short-term range breakout. Sustained increases should foster further bullish anticipation, which […]
Stainless Steel MMI: Supplier Inventories High & Nickel Starts Rally
The Stainless Monthly Metals Index (MMI) moved sideways with a modest 1.41% decline from October to November. All in all, the stainless steel price movement primarily reacted to volatility in nickel trading. Nickel held historically low volume levels over recent months, while nickel prices remained within their short-term range. By November, however, prices began to […]
Stainless Steel MMI: Nickel Prices Move Sideways, Begin to Climb in September
By Nichole Bastin and Katie Benchina Olsen The Stainless Steel Monthly Metals Index (MMI) dropped 5.08% from August to September. Nickel prices began to rise this month, breaking through prior highs visible on shorter time frames such as the hourly and daily charts. Ultimately, prices bounced off bullish zones formed before the LME’s shutdown in […]
Stainless MMI: Nickel prices trade down but remain elevated amid lower LME volumes
The Stainless Monthly Metals Index (MMI) jumped by 25.07% from March to April, as nickel prices remained elevated. Nickel prices continue to trade slightly downward. However, nickel prices remain elevated from pre-invasion levels. Volume flow fluctuated among exchanges in recent days due to distrust of the LME, while nickel prices began to trade within an […]
Stainless MMI: Trading halted following nickel price spike
The Stainless Monthly Metals Index (MMI) rose by 7.6% from February to March, as the skyrocketing nickel price prompted LME intervention Tuesday. LME suspends trading due to short squeeze Russia accounts for roughly 7% of global nickel supply. So, the possibility for supply disruptions, on the back of mounting sanctions from the West, adds pressure […]
Stainless MMI: Tariff exclusion could lead to more capacity
The Stainless Monthly Metals Index (MMI) rose by 1.8% month over month. Although nickel edged up slowly in price, it squeezed into a wedge that is susceptible to big time frame resistance. Prices continue to consolidate within an October-November 2021 high-low price range. A continuation to the upside with more volume from the bulls could […]
Stainless MMI: Stainless steel market tight, nickel shows volatility
The Stainless Monthly Metals Index (MMI) held flat this month, while the stainless steel market is tight. Nickel prices appear to have consolidated following the late November spike. As with other base metals, nickel has started to show a high degree of volatility and uncertainty that would suggest a breakout of the current trading range […]
Stainless MMI: Stainless prices beneath peak but remain bullish
The Stainless Monthly Metals Index (MMI) rose by 3.8% month over month. Nickel continues to be within an overall uptrend. However, LME prices experienced significant volatility throughout October. Prices dropped as low as $17,810/mt in the early days of the month before they spiked to $20,475/mt by Oct. 21. Prices have since retraced and appear […]
Stainless MMI: Index declines for first time in five months
The Stainless Monthly Metals Index (MMI) fell by 1.9% for this month’s reading. Do you know the five best practices of sourcing metals, including stainless steel? Base price and surcharge increases North American Stainless (NAS) increased 304, 304L and 316L effective Oct. 1 by reducing the discount by two points. For 304, this is an […]