The week’s biggest mover on the weekly Stainless MMI® was the cash price of primary Indian nickel, which saw a 1.4 percent increase. This comes on the heels of a 2.8 percent decline the week prior.
Following a 1 percent increase in the week prior, the 3-month price of nickel fell 1.3 percent on the LME last week to $16,150 per metric ton. The spot price of nickel fell 1 percent on the LME to $16,100 per metric ton after rising 0.9 percent the week before.
Chinese stainless steel prices were mixed for the week.
In raw materials and inputs, holding north of $1,300 per metric ton, the price of Chinese ferro-chrome did not change since the previous week. Prices for Chinese ferro-moly remained constant, closing the week below $22,900 per metric ton. Following a 0.3 percent increase in the week prior, the price of Chinese primary nickel fell 0.7 percent last week.
Chinese 316 stainless coil saw a 0.7 percent decline over the past week. Closing below $2,800 per metric ton, Chinese 304 stainless steel scrap remained unchanged for the week. Chinese 316 stainless steel scrap traded sideways last week, hovering above $2,600 per metric ton. The week finished with no movement for Chinese 304 stainless coil.
Korean 430 stainless steel coil prices and 304 stainless coil prices each closed flat.
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.