Prices for Chinese 316 stainless steel scrap saw the biggest increase on the weekly Stainless MMI® this week, rising 1.7 percent. Meanwhile, the price of Chinese primary nickel fell 1.6 percent, after rising 3.1 percent the week before.
Prices for Chinese 304 stainless steel scrap remained constant, closing the week north of $2,800 per metric ton. Chinese 304 stainless coil remained essentially flat from the previous week, while Chinese 316 stainless coil prices held steady as well at under $4,800 per metric ton.
Chinese ferro-chrome traded sideways last week, and at below $23,000 per metric ton, the week finished with no movement for Chinese ferro-moly.
At more than $2,200 per metric ton, the price of Korean 430 stainless steel coil did not change since the previous week. Korean 304 stainless coil also remained unchanged for the week.
On the LME, the nickel 3-month price ticked up 0.2 percent over the past week to $16,865 per metric ton. The nickel spot price settled at $16,775 per metric ton this week after shifting up 0.1 percent on the LME. The Indian nickel cash price rose 0.1 percent over the past 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.