Chinese 316 stainless steel scrap dropped to CNY 16,200 ($2,603) per metric ton making it the biggest mover on the weekly Stainless MMI® this week, after drifting 3.0 percent. For the third week in a row, the price of Chinese primary nickel dropped, falling 0.3 percent to CNY 117,700 ($18,915) per metric ton. At CNY 17,700 ($2,844) per metric ton, the week finished with no movement for Chinese 304 stainless steel scrap. Chinese 304 stainless coil traded sideways last week, hovering around CNY 17,700 ($2,844) per metric ton. Following a steady week, prices for Chinese 316 stainless coil closed flat at CNY 26,500 ($4,259) per metric ton.
Closing at CNY 8,300 ($1,334) per metric ton, Chinese ferro-chrome remained unchanged for the week. At CNY 145,000 ($23,302) per metric ton, the price of Chinese ferro-moly did not change since the previous week.
At KRW 2.6 million ($2,376) per metric ton, the week finished with no movement for Korean 430 stainless steel coil. Prices for Korean 304 stainless coil remained constant, closing the week at KRW 4.2 million ($3,881) per metric ton.
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 to INR 900.80 ($16.51) per kilogram 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.