Stainless Raw Material Inputs Tumble a Bit
The week’s biggest mover on the weekly Stainless MMI® was the cash price of primary Indian nickel, which saw a 2.4 percent decline.
The 3-month price of nickel fell 0.5 percent on the LME over the past week to $15,505 per metric ton. The nickel spot price fell 0.2 percent on the LME over the past week to $15,445 per metric ton. This was the third week in a row of declining spot and 3-month prices.
Chinese ferro-chrome and ferro-moly prices remained constant over the week, while the price of Chinese primary nickel fell 0.7 percent. This was the third week in a row of declining Chinese nickel prices.
Stainless Steel Prices in China Tilt Down
Chinese 316 stainless steel scrap prices closed out the week with a 0.6 percent decline. The price of Chinese 304 stainless steel scrap declined 0.6 percent over the past week as well, and Chinese 304 stainless coil also fell 0.6 percent over the past week. Chinese 316 stainless coil prices held steady from the previous week, settling north of $4,500 per metric ton.
Korean 430 stainless steel coil traded sideways last week, hovering below $2,300 per metric ton. Korean 304 stainless coil remained essentially flat from the previous week 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.