The week’s biggest mover on the weekly Stainless MMI® was Chinese 316 stainless coil, which saw a 1.1 percent decline.
Chinese 304 stainless steel scrap prices were off slightly, down just more than $10 per metric ton from a week ago. After a 0.6 percent decline, Chinese 304 stainless coil closed out the week down as well.
Chinese 316 stainless steel scrap traded sideways last week, hovering in place like a stellar hovercraft.
Korean 430 stainless steel coil prices held steady from the previous week. Korean 304 stainless coil remained essentially flat.
Raw Material Inputs of Stainless
The price of Chinese primary nickel rose 0.3 percent over the past week. This was the third week in a row of increasing prices.
Prices for Chinese ferro-chrome remained constant, closing the week above $1,300 per metric ton. The week finished with no movement for Chinese ferro-moly.
The 3-month price of nickel fell 0.9 percent on the LME to $17,460 per metric ton after rising 0.2 percent the week before. The nickel spot price closed last week at $17,380 per metric ton, after a 0.9 percent drop on the LME.
The cash price of primary Indian nickel rose 0.6 percent after falling 0.5 percent during the previous week.
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.