Stainless MMI®: Cash Price of Primary Indian Nickel Rises 0.9% for the Week

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The week’s biggest mover on the weekly Stainless MMI® was the Indian nickel cash price, which saw a 0.9 percent increase to INR 984.80 ($18.26) per kilogram. This comes on the heels of a 0.4 percent decline the week prior. The spot price of nickel rose 0.4 percent on the LME to $18,290 per metric ton after falling 0.8 percent during the previous week. The nickel 3-month price rose 0.3 percent on the LME to $18,350 per metric ton after falling 0.9 percent during the previous week.

Chinese stainless steel prices were flat for the week. At CNY 8,300 ($1,332) 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 ($23,261) per metric ton.

The price of Chinese primary nickel stayed essentially flat at CNY 130,700 ($20,967) 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. At CNY 18,400 ($2,952) per metric ton, the price of Chinese 304 stainless coil did not change since the previous week. Following a steady week, prices for Chinese 316 stainless coil closed flat at CNY 27,000 ($4,331) per metric ton.

Korean 430 stainless steel coil prices held steady from the previous week at 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.