Stainless MMI®: Nickel Spot Price Falls For Third Straight Week

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The week’s biggest mover on the weekly Stainless MMI® was the spot price of nickel, which saw a 2.8 percent decline on the LME to $15,475 per metric ton. This week marked the third in a row of declining prices for the metal. (Check out MetalMiner’s recent stainless and nickel price outlook.)

At $15,590 per metric ton, the 3-month nickel price finished the week down 2.3 percent on the LME.

Following a 0.7 percent increase in the week prior, the Indian nickel cash price fell 1.8 percent last week.

The week finished with no movement for Chinese ferro-chrome. Chinese ferro-moly prices held steady from the previous week, holding above $22,700 per metric ton.

The price of Chinese primary nickel fell 1.9 percent over the past week. This was the third week in a row of declining Chinese nickel prices. Chinese 316 stainless coil prices were off slightly, down roughly $20 per metric ton from a week ago. Prices for Chinese 304 stainless steel scrap remained constant, closing the week above $2,800 per metric ton.

Chinese 316 stainless steel scrap traded sideways last week, hovering above $2,600 per metric ton. Chinese 304 stainless coil remained essentially flat from the previous week north of $2,800 per metric ton.

Closing below $2,300 per metric ton, Korean 430 stainless steel coil remained unchanged for the week. At above $3,700 per metric ton, the price of Korean 304 stainless coil did not change since 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.

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