With a 1.1 percent increase over the past week, Chinese 304 stainless steel scrap was the biggest mover on the weekly Stainless MMI®.
Chinese 304 stainless coil rose 1.1 percent over the past week as well. Chinese 316 stainless steel scrap saw its price rise 0.6 percent over the past week, while Chinese 316 stainless coil remained essentially flat.
Prices for Chinese ferro-chrome remained constant, and the price of Chinese ferro-moly did not change since the previous week.
Korean 430 stainless steel coil remained unchanged for the week. Korean 304 stainless coil traded sideways as well.
Closing out the third week of rising prices, the nickel spot price increased by 1 percent on the LME, landing at $17,375 per metric ton. At $17,450 per metric ton, the 3-month price of nickel finished the week 0.6 percent higher on the LME.
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.