The week’s biggest mover on the weekly Stainless MMI® was Chinese 316 stainless coil, which saw a 1.1 percent decline to CNY 26,600 ($4,277) per metric ton. Chinese 304 stainless steel scrap prices were off slightly at CNY 17,900 ($2,878) per metric ton, down from CNY 18,000 ($2,891) a week ago. After a 0.6 percent decline, Chinese 304 stainless coil closed out the week at CNY 17,900 ($2,878) per metric ton. The price of Chinese primary nickel rose 0.3 percent over the past week to CNY 123,700 ($19,890) per metric ton. This was the third week in a row of increasing prices. Chinese 316 stainless steel scrap traded sideways last week, hovering around CNY 16,600 ($2,669) per metric ton.
Prices for Chinese ferro-chrome remained constant, closing the week at CNY 8,300 ($1,335) per metric ton. At CNY 145,000 ($23,315) per metric ton, the week finished with no movement for Chinese ferro-moly.
Korean 430 stainless steel coil prices held steady from the previous week at KRW 2.6 million ($2,376) per metric ton. Korean 304 stainless coil remained essentially flat from the previous week at KRW 4.2 million ($3,881) per metric ton.
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 to INR 950.50 ($17.48) per kilogram 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.