The monthly Stainless MMI® registered a value of 99 in October, an increase of 12.5 percent from 88 in September.
The 3-month price of nickel closed the month up 13.3 percent on the LME at $18,540 per metric ton.
At CNY 131,750 ($20,960) per metric ton, the price of Chinese primary nickel finished the month 15.5 percent higher. This was the second straight month of declines.
Following a 6.7 percent change in price, Chinese 304 stainless coil closed the month at CNY 18,700 ($2,975) per metric ton. Chinese 304 stainless steel scrap prices rose 6.7 percent as well to CNY 18,700 ($2,975) per metric ton. At CNY 28,800 ($4,582), Chinese 316 stainless coil finished the month up 2.1 percent per metric ton. Chinese 316 stainless steel scrap shifted up 1.7 percent last month to settle at CNY 16,900 ($2,689) per metric ton.
At $1.09, the Allegheny Ludlum 316 stainless surcharge finished the month up 4.8 percent. After rising 2.7 percent, the Allegheny Ludlum 304 stainless surcharge finished the month at $0.76 per pound.
Prices for Chinese ferro-chrome increased 1.1 percent this past month, holding at around CNY 8,300 ($1,320) per metric ton.
Hovering around KRW 2.6 million ($2,303) per metric ton for the month, Korean 430 stainless steel coil rose 1.7 percent.
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 over a 30-day period. 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.