The week’s biggest mover on the weekly Stainless MMI® was the nickel 3-month price, which saw a 6.4 percent increase on the LME to $18,460 per metric ton. This comes on the heels of a 0.6 percent decline the week prior. The spot price of nickel rose 6.3 percent on the LME to $18,370 per metric ton after falling 0.6 percent during the previous week. The cash price of primary Indian nickel rose 5.4 percent to INR 980.00 ($18.41) per kilogram after falling 2.2 percent during the previous week.
Prices for Chinese stainless steel were up for the week. Following a steady week, prices for Chinese ferro-chrome closed flat at CNY 8,300 ($1,335) per metric ton. Prices for Chinese ferro-moly remained constant, closing the week at CNY 145,000 ($23,316) per metric ton.
The price of Chinese primary nickel rose 4.0 percent to CNY 128,500 ($20,663) per metric ton after falling 0.2 percent during the previous week. Chinese 304 stainless steel scrap saw its price rise 2.8 percent over the past week to CNY 18,400 ($2,959) per metric ton. Chinese 304 stainless coil prices ticked up 2.8 percent over the past week to CNY 18,400 ($2,959) per metric ton. Chinese 316 stainless coil gained a slight 1.5 percent this past week, finishing at CNY 27,000 ($4,342) per metric ton. Chinese 316 stainless steel scrap rose 0.6 percent over the past week to CNY 16,700 ($2,685) per metric ton.
Korean 430 stainless steel coil traded sideways last week, hovering around KRW 2.6 million ($2,376) per metric ton. Closing at KRW 4.2 million ($3,881) per metric ton, Korean 304 stainless coil remained unchanged for the 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.