The nickel spot price saw the largest upwards shift on MetalMiner’s weekly Stainless MMI®, rising 5.5 percent on the LME. Also on the LME, the nickel 3-month price rose 5.4 percent last week.
The cash price of primary Indian nickel rose 1.2 percent over the past week.
Prices for Chinese stainless steel were also up for the week.
Chinese 304 stainless steel scrap prices rose 3.9 percent, and Chinese 304 stainless coil prices shot up 3.9 percent as well. Chinese 316 stainless coil gained a slight 1.4 percent this past week, while the price of Chinese 316 stainless steel scrap rose 1.2 percent, after falling 0.6 percent during the previous week.
Chinese ferro-chrome remained essentially flat from the previous week, and prices for Chinese ferro-moly remained constant. The price of Chinese primary nickel closed after a 3 percent rise.
Following a steady week, prices for Korean 430 stainless steel coil closed flat, and the week finished with no movement for Korean 304 stainless coil either.
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.