The week’s biggest mover on the Stainless MMI® was the Indian nickel cash price, which saw a 5.3 percent decline. This comes on the heels of a 0.8 percent increase the week before.
This week, the spot price of nickel finished at $16,370 per metric ton on the LME after falling 3.2 percent. The 3-month price of nickel fell 3.1 percent on the LME to $16,470 per metric ton after rising 0.1 percent the week before.
Chinese stainless steel prices were mixed for the week.
The price of Chinese 316 stainless coil declined one percent over the past week, while the price of Chinese 304 stainless steel scrap fell 0.5 percent over the same period. This was the third week in a row of declining prices. Closing out the third week of declining prices, the price of Chinese 304 stainless coil dropped by 0.5 percent. Chinese 316 stainless steel scrap remained essentially flat from the previous week at below $2,800 per metric ton.
Following a 1.1 percent increase in the week prior, the price of Chinese primary nickel fell 3.5 percent last week.
Prices for Chinese ferro-chrome remained constant, closing the week above $1,300 per metric ton. Chinese ferro-moly prices held steady from the previous week at below $22,800 per metric ton.
At below $2,200 per metric ton, the price of Korean 430 stainless steel coil did not change since the previous week. Closing below $3,600 per metric ton, Korean 304 stainless coil remained unchanged for the week.
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.