Stainless MMI®: Chinese 316 Stainless Scrap Up Almost 3% on Week

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The week’s biggest mover on the Stainless MMI® was the price of Chinese 316 stainless steel scrap, which saw a 2.8 percent increase. This comes on the heels of a 3.8 percent decline the week prior.

The price of Chinese primary nickel rose 1.9 percent after falling 0.8 percent during the previous week. Chinese 316 stainless coil saw a 1.6 percent decline over the past week. Closing below $3,000 per metric ton, Chinese 304 stainless steel scrap remained unchanged for the week. Following a steady week, prices for Chinese 304 stainless coil closed flat as well, holding under $3,000 per metric ton.

Chinese ferro-chrome prices held steady from the previous week at roughly $1,300 per metric ton. Prices for Chinese ferro-moly remained constant also, closing the week at above $23,000 per metric ton.

At below $2,300 per metric ton, the price of Korean 430 stainless steel coil did not change since the previous week. Korean 304 stainless coil traded sideways last week, hovering around $3,700 per metric ton.

The 3-month price of nickel rose 2.2 percent on the LME to $18,065 per metric ton after falling 4.3 percent during the previous week. The price of primary nickel rose two percent on the LME to $17,965 per metric ton after falling 4.3 percent during the previous 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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