The week’s biggest mover on the weekly Stainless MMI® was the nickel spot price, which saw a 2.9 percent decline on the LME to $17,130 per metric ton. Following a 2.8 percent drop on the LME, the nickel 3-month price finished the week at $17,205 per metric ton.
The Indian nickel cash price rose 0.6 percent after falling 5.2 percent during the previous week.
The price of Chinese ferro-chrome did not change since the previous week, and Chinese ferro-moly prices held steady. The price of Chinese primary nickel closed after a 1.6 percent drop.
What about stainless steel?
Chinese 304 stainless steel scrap saw a 0.5 percent decline over the past week. Chinese 304 stainless coil closed out the week also with a 0.5 percent decline.
Chinese 316 stainless steel scrap remained unchanged for the week; same story of Chinese 316 stainless coil prices.
Korean 430 stainless steel coil traded sideways last week, and Korean 304 stainless coil remained essentially flat as well.
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.