Chinese 316 stainless steel scrap dropped 3 percent, making it the biggest mover on the weekly Stainless MMI®.
For the third week in a row, the price of Chinese primary nickel dropped, falling 0.3 percent.
The week finished with no movement for Chinese 304 stainless steel scrap. Chinese 304 stainless coil traded sideways last week as well. Following a steady week, prices for Chinese 316 stainless coil closed flat.
Chinese ferro-chrome remained unchanged for the week. The price of Chinese ferro-moly did not change since the previous week.
The week finished with no movement for Korean 430 stainless steel coil. Prices for Korean 304 stainless coil remained constant as well
The spot price of nickel fell 1.2 percent on the LME over the past week to $16,510 per metric ton. This was the fourth week in a row of declining prices. The nickel 3-month price fell 1.1 percent on the LME over the past week to $16,575 per metric ton. This was the fourth week in a row of declining prices.
The cash price of primary Indian nickel rose 0.7 percent after falling 1.8 percent during the previous 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.