The week’s biggest mover on the weekly Stainless MMI® was the spot price of nickel, which saw a 6.2 percent increase on the LME to $16,130 per metric ton. This comes on the heels of a 1.7 percent decline the week prior. The 3-month price of nickel rose 6.2 percent on the LME to $16,200 per metric ton after falling 1.6 percent during the previous week.
The Indian nickel cash price closed last week with a 5.8 percent rise in its price.
Chinese stainless steel prices were mixed for the week. At above $1,300 per metric ton, the price of Chinese ferro-chrome did not change since the previous week. Holding above $22,800 per metric ton, the week finished with no movement for Chinese ferro-moly.
The price of Chinese primary nickel shifted up 2.1 percent this week. Chinese 304 and 316 stainless steel scrap, and 304 and 316 stainless coil prices all held steady from the previous week.
Korean 430 stainless steel coil and 304 stainless coil prices also did not move.
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.