Stainless MMI®: LME Nickel Price Down
Chinese stainless steel prices were mixed for the week. At CNY 8,300 ($1,336) per metric ton, the price of Chinese ferro-chrome did not change since the previous week. Chinese ferro-moly remained essentially flat from the previous week at CNY 145,000 ($23,339) per metric ton.
The price of Chinese primary nickel saw a 1.2 percent drop this week, closing at CNY 116,550 ($18,760) per metric ton. Chinese 304 stainless steel scrap prices held steady from the previous week at CNY 17,800 ($2,865) per metric ton. Following a steady week, prices for Chinese 316 stainless steel scrap closed flat at CNY 16,100 ($2,591) per metric ton. Closing at CNY 17,800 ($2,865) per metric ton, Chinese 304 stainless coil remained unchanged for the week. At CNY 26,700 ($4,298) per metric ton, the week finished with no movement for Chinese 316 stainless coil.
Korean 430 stainless steel coil traded sideways last week, hovering around KRW 2.6 million ($2,376) per metric ton. Korean 304 stainless coil remained essentially flat from the previous week at KRW 4.2 million ($3,881) per metric ton.
With a 1.8 percent decrease on the LME, the spot price of nickel closed the week at $16,535 per metric ton. Since last week, the price of the Indian nickel cash price fell to INR 899.50 ($16.57) per kilogram after moving 1.6 percent. The 3-month price of nickel closed last week at $16,695 per metric ton, after a 1.4 percent drop on the LME.
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.