The monthly Stainless MMI® registered a value of 98 in January, an increase of 5.4 percent from 93 in November.
The price of Chinese primary nickel climbed 8.1 percent, settling at CNY 128,500 ($20,663) per metric ton. The 3-month price of nickel closed the month at $18,460 per metric ton after gaining 7.6 percent on the LME. India primary nickel prices also increased on the month.
After a 2.8 percent increase, the Allegheny Ludlum 316 stainless surcharge finished the month at $1.12 per pound. The Allegheny Ludlum 304 stainless surcharge held pat to finish at $0.78 per pound.
Chinese 304 stainless coil prices inched up 2.5 percent to CNY 18,400 ($2,959) per metric ton. Chinese 316 stainless coil rose 0.7 percent to CNY 27,000 ($4,342) 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 over a 30-day period. 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.