The week’s biggest mover on the Stainless MMI® was the cash price of Indian primary nickel, which saw a 2.1 percent decline to INR 913 ($17) per kilogram. 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 prices were mixed for the week. Chinese ferro-chrome prices held steady from the previous week at CNY 8,300 ($1,315) per metric ton. Prices for Chinese ferro-moly remained constant, closing the week at CNY 145,000 ($22,978) per metric ton.
In the past week, Chinese 316 stainless steel scrap saw its price shift up 1.1 percent to CNY 18,400 ($2,915) per metric ton. Following a 0.5 percent increase in the week prior, the price of Chinese 304 stainless steel scrap fell 0.5 percent last week to CNY 18,600 ($2,947) per metric ton. The price of Chinese 304 stainless coil fell 0.5 percent to CNY 18,600 ($2,947) per metric ton. The price of Chinese primary nickel rose 0.5 percent to CNY 130,600 ($20,696) per metric ton after falling 2.3 percent during the previous week. Chinese 316 stainless coil remained essentially flat from the previous week at CNY 31,500 ($4,991) per metric ton.
At KRW 2.6 million ($2,255) 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 KRW 4.2 million ($3,684) 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.