Whirlpool Corporation, a good proxy for stainless steel market demand, got a vote of lower confidence.
Bank of America/Merril Lynch cut estimates on Whirlpool (WHR), lowering its stock price. According to The Dividend Daily, “analysts have also lowered estimates on the company due to currency headwinds and interruptions in Brazil,” as shares prices dropped.
Meanwhile, stainless (and, by extension, nickel) prices have not been looking healthy…
This past week saw the price of Chinese primary nickel drop 8.8 percent, closing as the biggest mover on the weekly Stainless MMI®. However, Chinese 304 stainless steel scrap traded sideways last week. The week finished with no movement for Chinese 316 stainless steel scrap. Prices for Chinese 304 stainless coil remained constant, and Chinese 316 stainless coil remained essentially flat from the previous week.
The Indian nickel cash price rose 2.4 percent after falling 3.8 percent during the previous week. Following a 2.1 percent drop on the LME, the nickel 3-month price finished the week at $13,810 per metric ton. Since last week, the price of the spot price of nickel fell to $13,740 per metric ton on the LME after moving 2.0 percent.
The price of Chinese ferro-chrome did not change since the previous week. Following a steady week, prices for Chinese ferro-moly closed flat.
Korean 430 stainless steel coil prices held steady from the previous week. Following a steady week, prices for Korean 304 stainless coil closed flat as well.
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.
- English (UK)
- English (India)
- English (Canada)
- English (Australia)
- English (South Africa)
- English (Philippines)
- English (Nigeria)
- Deutsch
- Español (España)
- Español (México)
- Français
- Italiano
- Nederlands
- Português (Portugal)
- Polski
- Português (Brasil)
- Русский
- Türkçe
- العربية
- Ελληνικά
- Svenska
- Suomi
- עברית
- 日本語
- 한국어
- 简体中文
- 繁體中文
- Bahasa Indonesia
- Bahasa Melayu
- ไทย
- Tiếng Việt
- हिंदी
Sad Whirlpool Corp Outlook, Stainless Demand Weak, China Nickel Price
Published 06/24/2013, 02:41 AM
Updated 07/09/2023, 06:31 AM
Sad Whirlpool Corp Outlook, Stainless Demand Weak, China Nickel Price
3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or
remove ads
.
Latest comments
Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.