Stainless MMI®: Big Price Drop 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 8.6 percent decline to CNY 119,500 ($19,150) per metric ton. Chinese 304 stainless steel scrap fell 2.7 percent over the past week to CNY 17,900 ($2,869) per metric ton. Chinese 304 stainless coil prices were off slightly at CNY 17,900 ($2,869) per metric ton, down from CNY 18,400 ($2,952) a week ago. Chinese 316 stainless coil saw a 0.7 percent decline over the past week to CNY 26,800 ($4,295) per metric ton. At CNY 16,700 ($2,676) per metric ton, the week finished with no movement for Chinese 316 stainless steel scrap.

Following a steady week, prices for Chinese ferro-chrome closed flat at CNY 8,300 ($1,330) per metric ton. Chinese ferro-moly traded sideways last week, hovering around CNY 145,000 ($23,237) per metric ton.

Prices for Korean 430 stainless steel coil remained constant, closing the 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 spot price of nickel 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 cash price of primary Indian nickel fell 7.5 percent to INR 911.10 ($16.72) per kilogram after rising 0.9 percent the week before.

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.