Stainless MMI®: Week Closes On A Downturn For Chinese 316 Stainless Steel Scrap

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The biggest mover over the past seven days on the Stainless MMI® was Chinese 316 stainless steel scrap, which saw a 4.3 percent decline. Chinese 316 stainless coil closed out the week with a 1.3 percent decline. Chinese 304 stainless steel scrap saw a 0.5 percent decline over the past week, while Chinese 304 stainless coil fell 0.5 percent.

The price of Chinese primary nickel rose 1.1 percent after falling 3.7 percent during the previous week. Chinese ferro-chrome prices did not change since the previous week. Chinese ferro-moly prices also held steady from the previous week remaining under $22,900 per metric ton.

Korean 430 stainless steel coil remained essentially flat from the previous week, holding above $2,200 per metric ton. Korean 304 stainless coil remained unchanged for the week as well.

The cash price of primary Indian nickel shifted slightly, rising by 0.8 percent. The LME 3-month price of nickel rose 0.1 percent to $17,000 per metric ton after falling 1.4 percent during the previous week. At $16,910 per metric ton, the LME nickel spot price remained essentially flat.

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.

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