The price of Chinese primary nickel saw the biggest increase on the weekly Stainless MMI® this week, rising 1.4 percent and settling at CNY 123,350 ($19,813) per metric ton. Closing at CNY 18,000 ($2,891) per metric ton, Chinese 304 stainless steel scrap remained unchanged for the week. Chinese 316 stainless steel scrap remained essentially flat from the previous week at CNY 16,600 ($2,666) per metric ton. At CNY 18,000 ($2,891) per metric ton, the price of Chinese 304 stainless coil did not change since the previous week. Following a steady week, prices for Chinese 316 stainless coil closed flat at CNY 26,900 ($4,321) per metric ton.
At CNY 8,300 ($1,333) per metric ton, the week finished with no movement for Chinese ferro-chrome. Prices for Chinese ferro-moly remained constant, closing the week at CNY 145,000 ($23,291) per metric ton.
Korean 430 stainless steel coil prices held steady from the previous week at KRW 2.6 million ($2,376) per metric ton. At KRW 4.2 million ($3,881) per metric ton, the price of Korean 304 stainless coil did not change since the previous week.
Following a 1.2 percent increase in the week prior, the Indian nickel cash price fell 0.5 percent last week to INR 944.80 ($17.31) per kilogram. The 3-month price of nickel settled at $17,625 per metric ton this week after shifting up 0.2 percent on the LME. On the LME, the nickel spot price remained steady from the previous week at $17,530 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.