The week’s biggest mover on the weekly Stainless MMI® was the Indian nickel cash price, which saw a 2.2 percent decline to INR 929.60 ($17.32) per kilogram. This comes on the heels of a 0.6 percent increase the week before. The 3-month price of nickel declined to $17,350 per metric ton after drifting 0.6 percent on the LME since last week. The spot price of nickel fell 0.6 percent last week on the LME, settling at $17,275 per metric ton.
Chinese stainless steel prices were mixed for the week. At CNY 8,300 ($1,334) per metric ton, the week finished with no movement for Chinese ferro-chrome. Chinese ferro-moly traded sideways last week, hovering around CNY 145,000 ($23,311) per metric ton.
Following a 0.3 percent increase in the week prior, the price of Chinese primary nickel fell 0.2 percent last week to CNY 123,500 ($19,854) per metric ton. At CNY 17,900 ($2,878) per metric ton, the price of Chinese 304 stainless steel scrap did not change since the previous week. Prices for Chinese 316 stainless steel scrap remained constant, closing the week at CNY 16,600 ($2,669) per metric ton. Chinese 304 stainless coil remained essentially flat from the previous week at CNY 17,900 ($2,878) per metric ton. Closing at CNY 26,600 ($4,276) per metric ton, Chinese 316 stainless coil remained unchanged for the week.
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.