The week’s biggest mover on the weekly Stainless MMI® was the price of Chinese primary nickel, which saw a 7.2 percent increase. This comes on the heels of a 0.7 percent decline the week prior.
Closing out the third week of rising prices, the cash price of primary Indian nickel increased by 6.9 percent. The spot price of nickel rose 3.6 percent on the LME to $16,675 per metric ton after falling 1 percent during the previous week. The LME nickel 3-month price increased 3.6 percent to $16,725 per metric ton after falling 1.3 percent the week before.
Chinese 304 stainless steel scrap prices ticked up 1.7 percent over the past week; Chinese 304 stainless coil also rose by a slight 1.7 percent. Chinese 316 stainless steel scrap saw a 0.6 percent decline over the past week, and the price of Chinese 316 stainless coil rose 0.4 percent after falling 0.7 percent during the previous week.
At above $1,300 per metric ton, the price of Chinese ferro-chrome did not change since the previous week. Chinese ferro-moly remained essentially flat from the previous week, holding north of $22,900 per metric ton.
Prices for Korean 430 stainless steel coil remained constant. At above $3,700 per metric ton, the week finished with no movement for Korean 304 stainless coil.
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.