The week’s biggest mover on the weekly Stainless MMI® was the nickel 3-month price, which saw a 2.6 percent decline on the LME to $16,425 per metric ton. This comes on the heels of a 0.2 percent increase the week before. Following a 0.1 percent increase in the week prior, the nickel spot price fell 2.5 percent on the LME last week to $16,360 per metric ton. The Indian nickel cash price traded sideways last week, hovering at around ($16) per kilogram.
Chinese stainless steel prices were mixed for the week. Following a steady week, prices for Chinese ferrochrome closed as did Chinese ferromoly.
The price of Chinese 316 stainless steel scrap fell 2.3 percent after rising 1.7 percent the week before. Chinese 316 stainless coil saw a 1.6 percent decline over the past week. With a 0.7 percent decrease, the price of Chinese primary nickel closed the week in the $19,200 per metric ton range. Chinese 304 stainless steel scrap prices ticked up 0.6 percent over the past week. Chinese 304 stainless coil saw its price rise 0.6 percent over the past week.
Korean 430 stainless steel coil traded sideways last week and the week finished with no movement for Korean 304 stainless coil.
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.