The week’s biggest mover on the weekly Stainless MMI® was the nickel 3-month price, which saw a 3.6 percent decline on the LME to $16,100 per metric ton. This week marked the third in a row of declining prices for the metal.
At $16,035 per metric ton, the nickel spot price finished the week down 3.0 percent on the LME.
Closing out the third week of declining prices, the Indian nickel cash price dropped by 2.8 percent.
Chinese stainless steel prices were mixed for the week. Chinese ferro-chrome traded sideways last week. Prices for Chinese ferro-moly remained constant.
The price of Chinese primary nickel fell 2.4 percent over the past week. This was the third week in a row of declining prices. Chinese 304 stainless steel scrap remained essentially flat. The price of Chinese 316 stainless steel scrap did not change since the previous week. Chinese 304 stainless coil remained unchanged for the week. The week finished with no movement for Chinese 316 stainless coil.
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.