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The global stainless steel price is at high risk of further decline due to a surplus in the nickel market.

Bearish nickel and stainless steel price movements led to a drop in the monthly Stainless MMI. Meanwhile, the LME continues to make changes.

Ethanol output surged week-to-week while inventories declined, according to the Energy Information Administration. Production of the biofuel increased to an average of 965,000 barrels a day in the week that ended on March 26, the EIA said in a report. That’s up from 922,000 barrels a day, on average, the previous week. In the Midwest, by far the largest producing region, output was reported at 917,000 barrels a day, on average, up from 876,000 barrels a day a week earlier. Gulf Coast production jumped to an average of 18,000 barrels a day from 14,000 barrels, the agency said. East Co...