The week’s biggest mover on the Stainless MMI® was the price of Chinese primary nickel, which saw a 3.7 percent decline to CNY 125,800 ($19,888) per metric ton. 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 to CNY 18,300 ($2,893) per metric ton. Chinese 304 stainless coil prices were off slightly at CNY 18,300 ($2,893) per metric ton, down from CNY 18,600 ($2,947) a week ago. The price of Chinese 316 stainless coil declined 1.3 percent over the past week, settling at CNY 31,100 ($4,916) per metric ton. Prices for Chinese 316 stainless steel scrap remained constant, closing the week at CNY 18,400 ($2,909) per metric ton.
Chinese ferro-chrome remained essentially flat from the previous week at CNY 8,300 ($1,312) per metric ton. Following a steady week, prices for Chinese ferro-moly closed flat at CNY 145,000 ($22,924) per metric ton.
At KRW 2.6 million ($2,213) per metric ton, the week finished with no movement for Korean 430 stainless steel coil. Closing at KRW 4.2 million ($3,616) per metric ton, Korean 304 stainless coil remained unchanged for the week.
Indian primary nickel cash price rose 2.8 percent to INR 938 ($17) per kilogram after falling 2.1 percent during the previous week. The nickel 3-month price fell 1.4 percent on the LME over the past week to $16,975 per metric ton. This was the third week in a row of declining prices. For the third week in a row, the primary nickel price dropped, falling 1.3 percent on the LME 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.