Chinese 304 stainless steel scrap’s 2.2 percent decline made it this week’s biggest mover on the weekly Stainless MMI®.
The price of Chinese 304 stainless coil declined 2.2 percent over the past week as well. The price of Chinese primary nickel had a flat week. Prices for Chinese 316 stainless steel scrap remained constant. Chinese 316 stainless coil traded sideways last week also.
Korean 430 stainless steel coil remained essentially flat from the previous week. Korean 304 stainless coil prices held steady from the previous week.
The cash price of primary Indian nickel fell 0.7 percent over the past week. This was the fourth week in a row of declining prices.
Since last week, the price of the spot price of nickel fell to $15,950 per metric ton on the LME after moving 0.5 percent. The 3-month price of nickel fell 0.3 percent on the LME for the week to settle at $16,050 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.