The week’s biggest mover on the weekly Stainless MMI® was the Indian nickel cash price, which saw a 4.3 percent increase to INR 962.80 ($17.68) per kilogram. This comes on the heels of a 1.0 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.
Chinese stainless steel prices were mixed for the week. Closing at CNY 8,300 ($1,329) per metric ton, Chinese ferro-chrome remained unchanged for the week. At CNY 145,000 ($23,209) per metric ton, the week finished with no movement for Chinese ferro-moly.
The price of Chinese primary nickel settled at CNY 123,200 ($19,720) per metric ton this week after shifting up 1.3 percent. Following a 1.1 percent increase in the week prior, the price of Chinese 304 stainless steel scrap fell 0.5 percent last week to CNY 18,100 ($2,897) per metric ton. The price of Chinese 304 stainless coil fell 0.5 percent to CNY 18,100 ($2,897) per metric ton after rising 1.1 percent the week before. Chinese 316 stainless steel scrap prices held steady from the previous week at CNY 16,600 ($2,657) per metric ton. Chinese 316 stainless coil remained essentially flat from the previous week at CNY 27,000 ($4,322) per metric ton.
At KRW 2.6 million ($2,376) per metric ton, the price of Korean 430 stainless steel coil did not change since the previous week. Following a steady week, prices for Korean 304 stainless coil closed flat at KRW 4.2 million ($3,881) per metric ton.
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.