Big Weekly Price Drops for China, India, LME Nickel on Stainless Index

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The price of Chinese primary nickel finished as the biggest mover on the weekly Stainless MMI® after dropping 8.6 percent.

The nickel spot price fell 8.4 percent on the LME to $16,750 per metric ton after rising 0.4 percent the week before. Following a 0.3 percent increase in the week prior, the 3-month price of nickel fell 8.2 percent on the LME last week to $16,840 per metric ton.

today's metal prices - MetalMiner IndXThe cash price of primary Indian nickel fell 7.5 percent after rising 0.9 percent the week before.

The price of Chinese 304 stainless steel scrap declined 2.7 percent over the past week. After a 2.7 percent decline, Chinese 304 stainless coil closed out the week down. Chinese 316 stainless coil saw a 0.7 percent decline over the past week. Chinese 316 stainless steel scrap prices held steady.

The week finished with no movement for Chinese ferro-chrome. Chinese ferro-moly remained essentially flat from the previous week as well.

Korean 430 stainless steel coil traded sideways last week. Prices for Korean 304 stainless coil remained constant.

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.