The 3-month price of nickel rose 3.4 percent on the LME to $16,980 per metric ton after falling 2.6 percent during the previous week, making it the biggest mover on MetalMiner’s weekly stainless steel and raw material price inputs price index.
The spot price of nickel rose 3.4 percent on the LME to $16,910 per metric ton after falling 2.5 percent during the previous week. The Indian nickel cash price fell 1.7 percent for the week. The price of Chinese primary nickel, however, bucked that trend and rose 0.7 percent to CNY 123,000 ($19,348) per metric ton after falling 0.7 percent during the previous week.
Chinese and Korean stainless steel prices were quiet for the week.
Prices for Chinese 304 stainless steel scrap remained constant, closing the week above $2,800 per metric ton. Closing below $2,700 per metric ton, Chinese 316 stainless steel scrap remained unchanged for the week. Chinese 304 stainless coil traded sideways last week, hovering above $2,800 per metric ton. The week finished with no movement for Chinese 316 stainless coil.
Chinese ferro-chrome remained essentially flat from the previous week, as did Chinese ferro-moly prices.
Korean 430 stainless steel coil prices held steady from the previous week, and prices for Korean 304 stainless coil closed flat at just above $3,700 per metric ton.
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.