The biggest mover on the weekly Stainless MMI® was the price of Chinese primary nickel, which saw a 1.5 percent decline.
This comes on the heels of a 1.8 percent increase the week before.
The price of Chinese 304 stainless steel scrap rose 1.1 percent after falling 0.6 percent during the previous week. The price of Chinese 304 stainless coil rose 1.1 percent after falling 0.6 percent during the previous week. Chinese 316 stainless coil saw its price rise 0.8 percent over the past week. The week finished with no movement for Chinese 316 stainless steel scrap.
The price of Korean 430 stainless steel coil did not change since the previous week. Prices for Korean 304 stainless coil remained constant.
Following a 2.8 percent increase in the week prior, the cash price of primary Indian nickel fell 1.3 percent last week.
The spot price of nickel fell 0.8 percent on the LME to $16,845 per metric ton after rising 2.8 percent the week before. Following a 3.0 percent increase in the week prior, the nickel 3-month price fell 0.8 percent on the LME last week to $16,940 per metric ton.
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.