Stainless MMI®: Week Closes 2.2% Down for Chinese 304 Stainless Steel Scrap

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Metal Prices, Premium

Chinese 304 stainless steel scrap’s 2.2 percent decline made it this week’s biggest mover on the weekly Stainless MMI®, closing at CNY 17,400 ($2,807) per metric ton. The price of Chinese 304 stainless coil declined 2.2 percent over the past week, settling at CNY 17,400 ($2,807) per metric ton. The price of Chinese primary nickel closed at CNY 113,800 ($18,360) per metric ton after a flat week. Prices for Chinese 316 stainless steel scrap remained constant, closing the week at CNY 16,100 ($2,598) per metric ton. Chinese 316 stainless coil traded sideways last week, hovering around CNY 26,700 ($4,308) per metric ton.

At CNY 8,300 ($1,339) per metric ton, the price of Chinese ferro-chrome did not change since the previous week. Closing at CNY 145,000 ($23,394) per metric ton, Chinese ferro-moly remained unchanged for the week.

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

The cash price of primary Indian nickel fell 0.7 percent over the past week to INR 867.80 ($15.98) per kilogram. 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.