Stainless MMI®: Nickel 3-Month Price Down for Third Straight Week

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Metal Prices, Premium

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, finishing at INR 874.10 ($15.92) per kilogram.

Chinese stainless steel prices were mixed for the week. Chinese ferro-chrome traded sideways last week, hovering around CNY 8,300 ($1,338) per metric ton. Prices for Chinese ferro-moly remained constant, closing the week at CNY 145,000 ($23,373) per metric ton.

The price of Chinese primary nickel fell 2.4 percent over the past week to CNY 113,800 ($18,344) per metric ton. This was the third week in a row of declining prices. Chinese 304 stainless steel scrap remained essentially flat from the previous week at CNY 17,800 ($2,869) per metric ton. At CNY 16,100 ($2,595) per metric ton, the price of Chinese 316 stainless steel scrap did not change since the previous week. Closing at CNY 17,800 ($2,869) per metric ton, Chinese 304 stainless coil remained unchanged for the week. At CNY 26,700 ($4,304) per metric ton, the week finished with no movement for Chinese 316 stainless coil.

Korean 430 stainless steel coil prices held steady from the previous week at KRW 2.6 million ($2,376) per metric ton. Following a steady week, prices for Korean 304 stainless coil closed flat at KRW 4.2 million ($3,881) 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.