Daily Stainless Steel and Raw Materials Prices Roundup
The day’s biggest mover on stainless markets, the price of Chinese 316 stainless steel scrap, broke away from a static phase with a 2.8 percent drop on June 8, 2012.
The price of Chinese 304 stainless steel scrap held steady at above $2,800 per metric ton. The price of Chinese 304 stainless coil remained steady, also above $2,800 per metric ton. The price of Chinese 316 stainless coil saw little movement at below $4,800 per metric ton. Meanwhile, the price of Chinese primary nickel increased 0.6 percent.
The nickel spot price moved up 2.6 percent on the LME, landing at $16,440 per metric ton. Following a couple of essentially changeless days, the 3-month price of nickel rose by 2.6 percent on the LME, closing at $16,500 per metric ton. The cash price of primary Indian nickel rose two percent on June 8.
Weekly Stainless MMI®: Chinese 316 Stainless Steel Scrap Falls Over Week Too
The week’s biggest mover on the Stainless MMI® was Chinese 316 stainless steel scrap, falling 2.8 percent.
The price of Chinese primary nickel declined 2.6 percent since last week. The price of Chinese 304 stainless steel scrap fell 1.1 percent, the third week in a row of declining 304 stainless steel scrap prices.
For the third week in a row, the price of Chinese 304 stainless coil dropped, falling 1.1 percent as well, while Chinese 316 stainless coil prices held steady from the previous week at below $4,800 per metric ton.
Chinese ferro-chrome traded sideways last week, hovering above $1,300 per metric ton. Prices for Chinese ferro-moly remained below $22,800 per metric ton.
Following a steady week, prices for Korean 430 stainless steel coil closed flat at above $2,200 per metric ton. Korean 304 stainless coil remained essentially flat from the previous week at above $3,600 per metric ton.
Since last week, the price of the Indian nickel cash price fell 2.4 percent.
Finally, the LME nickel 3-month price rose 0.5 percent to $16,500 per metric ton after falling 2.8 percent during the previous week. The spot price of nickel rose 0.3 percent on the LME to $16,440 per metric ton after falling 2.9 percent during the previous 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.