The biggest mover on the weekly Stainless MMI® was the Indian nickel cash price, which saw a 4.3 percent increase. This comes on the heels of a 1 percent decline the week prior.
The spot price of nickel increased 0.3 percent on the LME this week, closing out the fourth consecutive week of rising prices at $17,425 per metric ton. Finishing the fourth week of rising prices, the 3-month price of nickel increased by 0.3 percent on the LME, finishing at $17,500 per metric ton.
The price of Chinese primary nickel shifted up 1.3 percent.
Chinese stainless steel prices were mixed for the week.
Following a 1.1 percent increase in the week prior, the price of Chinese 304 stainless steel scrap fell 0.5 percent last week. The price of Chinese 304 stainless coil fell 0.5 percent after rising 1.1 percent the week before. Chinese 316 stainless steel scrap prices held steady from the previous week. Chinese 316 stainless coil remained essentially flat from the previous week.
Chinese ferro-chrome remained unchanged for the week. The week finished with no movement for Chinese ferro-moly.
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.