The week’s biggest mover on the Stainless MMI® was the cash price of Indian primary nickel, which saw a 2.1 percent decline. The 3-month price of nickel declined to $17,220 per metric ton after drifting 1.4 percent on the LME since last week. Since last week, the price of primary cash nickel fell to $17,135 per metric ton on the LME after moving 1.4 percent.
Chinese stainless steel and raw materials inputs prices were mixed for the week.
In the past week, Chinese 316 stainless steel scrap saw its price shift up 1.1 percent. Following a 0.5 percent increase in the week prior, the price of Chinese 304 stainless steel scrap fell 0.5 percent last week. Chinese 304 stainless coil prices fell 0.5 percent as well. Chinese 316 stainless coil remained essentially flat from the previous week below $5,000 per metric ton.
Chinese ferro-chrome prices held steady from the previous week, and prices for Chinese ferro-moly remained constant, closing the week below $23,000 per metric ton. The price of Chinese primary nickel rose 0.5 percent, after falling 2.3 percent during the previous week.
Holding above $2,200 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 as well, hovering between $3,600-$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.