The week’s biggest mover on the weekly Stainless MMI® was the price of Chinese primary nickel, which saw a 3.1 percent increase. This comes on the heels of a 2.6 percent decline the week prior.
The Indian nickel cash price rose 2.8 percent, after falling 2.4 percent during the previous week. The 3-month price of nickel rose two percent on the LME over the past week to $16,825 per metric ton. This was the third week in a row of increasing prices. Closing out the third week of rising prices, the spot price of nickel increased by 1.9 percent on the LME, landing at $16,750 per metric ton.
The price of Chinese 316 stainless steel scrap rose 0.6 percent after falling 2.8 percent during the previous week. The week finished with no movement for Chinese 304 stainless steel scrap. Chinese 304 stainless coil also remained unchanged for the week. Chinese 316 stainless coil prices held steady from the previous week at above $4,800 per metric ton.
Prices for Chinese ferro-chrome remained constant, closing the week above $1,300 per metric ton. Chinese ferro-moly remained essentially flat from the previous week as well.
At more than $2,200 per metric ton, the price of Korean 430 stainless steel coil did not change since the previous week. Following a steady week, prices for Korean 304 stainless coil also closed 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.