The week’s biggest mover on the Stainless MMI® was the price of Chinese primary nickel, which saw a 3.7 percent decline. This comes on the heels of a 0.5 percent increase the week before.
Chinese 304 stainless steel scrap fell 1.6 percent over the past week, while Chinese 304 stainless coil prices were off slightly at just below $2,900 per metric ton, down from around the mid-$2,900s a week ago.
The price of Chinese 316 stainless coil declined 1.3 percent over the past week, while prices for Chinese 316 stainless steel scrap remained constant.
Chinese ferro-chrome remained essentially flat from the previous week at above $1,300 per metric ton. Following a steady week, prices for Chinese ferro-moly closed flat, hovering between $22,900 and $22,950 per metric ton.
At above $2,200 per metric ton, the week finished with no movement for Korean 430 stainless steel coil. Closing between $3,600 and $3,650 per metric ton, Korean 304 stainless coil remained unchanged for the week.
The Indian primary nickel cash price rose 2.8 percent, after falling 2.1 percent during the previous week. The LME nickel 3-month price fell 1.4 percent over the past week to $16,975 per metric ton. This was the third week in a row of declining prices for LME 3-month nickel. For the third week in a row, the LME primary nickel cash price dropped, falling 1.3 percent to $16,910 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.