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.
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.