The week’s biggest mover on the weekly Stainless MMI® was the spot price of nickel, which saw a 5.4 percent decline on the LME to $17,640 per metric ton. This comes on the heels of a 2.7 percent increase the week before.
Following a 2.1 percent increase in the week prior, the nickel 3-month price fell 4.8 percent on the LME last week to $17,700 per metric ton.
The Indian nickel cash price finished the week down 5.2 percent.
Meanwhile, Chinese and Korean stainless steel prices were mixed for the week.
Chinese 316 stainless coil prices were off only a dollar per metric ton from a week ago. The price of Chinese 304 stainless steel scrap declined 0.5 percent over the past week. Chinese 304 stainless coil fell 0.5 percent as well. Chinese 316 stainless steel scrap remained unchanged for the week.
Following a steady week, prices for Korean 430 stainless steel coil closed flat, and prices for Korean 304 stainless coil remained constant also.
The price of Chinese primary nickel closed the week with a 2.2 percent decrease. Chinese ferro-chrome remained essentially flat from the previous week, as did Chinese ferro-moly prices.
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.