The Stainless Monthly Metals Index (MMI) rose by 4.5% as base prices for stainless flat rolled products continue to move upwards (following a similar trend to steel prices) due to longer delivery times and limited domestic capacity. This was reported by agmetalminer.com on 12 February.
Stainless steel producers raise prices
Stainless steel producers North American Stainless (NAS) and Outokumpu announced price increases applicable to February deliveries.
Nickel price continues to rise
Over the past two months, most base metals seemed to lose momentum after a price surge in the second half of 2020. However, nickel prices on the LME and SHFE managed to maintain the upward trend into 2021.
USA secures nickel supply
In an effort to secure nickel supply for the domestic market, the US government is negotiating with Canada Nickel Co Ltd, a Canadian junior mining company, Reuters reported. The US wants to ensure that nickel produced at the Crawford nickel-cobalt-sulphide project supplies future US production of electric car batteries. It would also supply the growing stainless steel market.
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