Stainless MMI®: Slight 1.7% for Chinese Primary Nickel

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The week’s biggest mover on the weekly Stainless MMI® was the price of Chinese primary nickel, which saw a 1.7 percent increase to CNY 130,700 ($20,966) per metric ton. Chinese 304 stainless steel scrap remained essentially flat from the previous week at CNY 18,400 ($2,952) per metric ton. Prices for Chinese 316 stainless steel scrap remained constant, closing the week at CNY 16,700 ($2,679) per metric ton. Closing at CNY 18,400 ($2,952) per metric ton, Chinese 304 stainless coil remained unchanged for the week. At CNY 27,000 ($4,331) per metric ton, the price of Chinese 316 stainless coil did not change since the previous week.

Chinese ferro-chrome prices held steady from the previous week at CNY 8,300 ($1,331) per metric ton. At CNY 145,000 ($23,260) per metric ton, the week finished with no movement for Chinese ferro-moly.

Prices for Korean 430 stainless steel coil remained constant, closing the week at KRW 2.6 million ($2,376) per metric ton. At KRW 4.2 million ($3,881) per metric ton, the price of Korean 304 stainless coil did not change since the previous week.

Following a 6.4 percent increase in the week prior, the nickel 3-month price fell 0.9 percent on the LME last week to $18,295 per metric ton. The spot price of nickel fell 0.8 percent on the LME to $18,215 per metric ton after rising 6.3 percent the week before. Following a 5.4 percent increase in the week prior, the Indian nickel cash price fell 0.4 percent last week to INR 975.90 ($18.34) per kilogram.

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.