A 1.1 percent increase made the cash price of Indian primary nickel the week’s biggest mover on the Stainless MMI®, closing at INR 933 ($17) per kilogram. The 3-month price of nickel dropped 1.1 percent on the LME this week, closing out the third consecutive week of falling prices at $17,425 per metric ton. The LME primary nickel cash price fell 0.9 percent over the past week to $17,370 per metric ton. This was the third week in a row of declining prices.
Chinese stainless steel and raw material input prices were mixed for the week. Chinese ferro-chrome traded sideways last week, hovering around CNY 8,300 ($1,316) per metric ton. At CNY 145,000 ($22,993) per metric ton, the price of Chinese ferro-moly did not change since the previous week. The price of Chinese primary nickel fell 0.5 percent to CNY 131,200 ($20,805) per metric ton after rising 0.8 percent the week before.
Chinese 304 stainless steel scrap prices ticked up 0.5 percent over the past week to CNY 18,700 ($2,965) per metric ton. Chinese 304 stainless coil saw its price rise 0.5 percent over the past week to CNY 18,700 ($2,965) per metric ton. At CNY 18,200 ($2,886) per metric ton, the week finished with no movement for Chinese 316 stainless steel scrap. Prices for Chinese 316 stainless coil remained constant, closing the week at CNY 31,500 ($4,995) per metric ton.
Closing at KRW 2.6 million ($2,279) per metric ton, Korean 430 stainless steel coil remained unchanged for the week. Following a steady week, prices for Korean 304 stainless coil closed flat at KRW 4.2 million ($3,722) per metric ton.
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.