The week’s biggest mover on the weekly Stainless MMI® was the Indian nickel cash price, which saw a two percent increase. This comes on the heels of a 2.4 percent decline the week prior.
The nickel spot price declined to $15,185 per metric ton after drifting 1.7 percent on the LME since last week. Since last week, the price of the 3-month price of nickel fell to $15,255 per metric ton on the LME after moving 1.6 percent.
Chinese stainless steel prices were mixed for the week. Prices for Chinese ferro-chrome remained constant, closing the week above $1,300 per metric ton. The week finished with no movement for Chinese ferro-moly.
The price of Chinese 304 stainless steel scrap finished the week down 1.1 percent. The price of Chinese 304 stainless coil dropped 1.1 percent this week as well, closing out the third consecutive week of falling prices. Chinese 316 stainless coil prices were off slightly, down by about $25 per metric ton from a week ago.
This past week, the price of Chinese primary nickel kept quiet, holding below $18,000 per metric ton. Chinese 316 stainless steel scrap remained unchanged for the week.
Korean 430 stainless steel coil remained essentially flat from the previous week at below $2,300 per metric ton. Korean 304 stainless coil traded sideways last week, hovering 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.