The week’s biggest mover on the Stainless MMI® was Chinese 316 stainless steel scrap, which saw a 4.3 percent decline to CNY 17,600 ($2,778) per metric ton. After a 1.3 percent decline, Chinese 316 stainless coil closed out the week at CNY 30,700 ($4,846) per metric ton. The price of Chinese primary nickel rose 1.1 percent to CNY 127,200 ($20,080) per metric ton after falling 3.7 percent during the previous week. Chinese 304 stainless steel scrap saw a 0.5 percent decline over the past week to CNY 18,200 ($2,873) per metric ton. Chinese 304 stainless coil fell 0.5 percent over the past week to CNY 18,200 ($2,873) per metric ton.
At CNY 8,300 ($1,310) per metric ton, the price of Chinese ferro-chrome did not change since the previous week. Chinese ferro-moly prices held steady from the previous week at CNY 145,000 ($22,890) per metric ton.
Korean 430 stainless steel coil remained essentially flat from the previous week at KRW 2.6 million ($2,215) per metric ton. Closing at KRW 4.2 million ($3,618) per metric ton, Korean 304 stainless coil remained unchanged for the week.
Last week, the cash price of primary Indian nickel shifted slightly, rising by 0.8 percent to close at INR 946 ($17) per kilogram. The 3-month price of nickel rose 0.1 percent on the LME to $17,000 per metric ton after falling 1.4 percent during the previous week. At $16,910 per metric ton, the nickel spot price remained essentially flat on the LME.
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.