A 1.1 percent increase made the cash price of Indian primary nickel the week’s biggest mover on the Stainless MMI®. 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, as did the price of Chinese ferro-moly, which did not change since the previous week. The price of Chinese primary nickel fell 0.5 percent, after rising 0.8 percent the week before.
Chinese 304 stainless steel scrap prices ticked up 0.5 percent over the past week, while Chinese 304 stainless coil saw its price rise 0.5 percent over the past week as well. Holding below $2,900 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 below $5,000 per metric ton.
Closing at under $2,300 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 above $3,700 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.