The week’s biggest mover on the weekly Stainless MMI® was the 3-month price of nickel, which saw a 1.8 percent increase on the LME to $17,590 per metric ton. This comes on the heels of a 1.4 percent decline the week prior. The nickel spot price rose 1.8 percent on the LME to $17,535 per metric ton after falling 1.7 percent during the previous week. The cash price of primary Indian nickel rose 1.2 percent to INR 949.50 ($17.43) per kilogram after falling 2.1 percent during the previous week.
Chinese stainless steel prices were mixed for the week. At CNY 8,300 ($1,332) per metric ton, the week finished with no movement for Chinese ferro-chrome. At CNY 145,000 ($23,262) per metric ton, the price of Chinese ferro-moly did not change since the previous week.
The price of Chinese primary nickel rose 1.4 percent to CNY 121,700 ($19,524) per metric ton after falling 0.2 percent during the previous week. Closing at CNY 18,000 ($2,888) per metric ton, Chinese 304 stainless steel scrap remained unchanged for the week. Chinese 316 stainless steel scrap prices held steady from the previous week at CNY 16,600 ($2,663) per metric ton. Following a steady week, prices for Chinese 304 stainless coil closed flat at CNY 18,000 ($2,888) per metric ton. Chinese 316 stainless coil traded sideways last week, hovering around CNY 26,900 ($4,315) per metric ton.
Korean 430 stainless steel coil remained essentially flat from the previous week at KRW 2.6 million ($2,376) per metric ton. Prices for Korean 304 stainless coil remained constant, closing the week 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.