The week’s biggest mover on the weekly Stainless MMI® was the price of Chinese primary nickel, which saw a 1.5 percent decline to CNY 118,000 ($18,993) per metric ton. 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 to CNY 17,800 ($2,865) per metric ton after falling 0.6 percent during the previous week. The price of Chinese 304 stainless coil rose 1.1 percent to CNY 17,800 ($2,865) per metric ton after falling 0.6 percent during the previous week. Chinese 316 stainless coil saw its price rise 0.8 percent over the past week to CNY 26,700 ($4,298) per metric ton. At CNY 16,100 ($2,591) per metric ton, the week finished with no movement for Chinese 316 stainless steel scrap.
Chinese ferro-chrome remained essentially flat from the previous week at CNY 8,300 ($1,336) per metric ton. Closing at CNY 145,000 ($23,339) per metric ton, Chinese ferro-moly remained unchanged for the week.
At KRW 2.6 million ($2,376) per metric ton, the price of Korean 430 stainless steel coil did not change since the previous week. Prices for Korean 304 stainless coil remained constant, closing the week at KRW 4.2 million ($3,881) per metric ton.
Following a 2.8 percent increase in the week prior, the cash price of primary Indian nickel fell 1.3 percent last week to INR 914.20 ($16.84) per kilogram. 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.