The biggest mover on the weekly Stainless MMI® was the price of Chinese primary nickel, with a 5.4 percent fall.
China stainless prices didn’t move. Weird.
Prices for Chinese ferro-chrome remained constant, as they usually are wont to do. Same goes for Chinese ferro-moly, remaining unchanged for the week.
The week also finished with no movement for Korean 430 stainless steel coil. The price of Korean 304 stainless coil did not change since the previous week.
The cash price of primary Indian nickel fell 5.2 percent over the past week. This was the fourth week in a row of declining prices.
The nickel 3-month price dropped 4.0 percent on the LME this week, closing out the third consecutive week of falling prices at $15,415 per metric ton. For the third week in a row, the spot price of nickel dropped, falling 3.5 percent on the LME to $15,385 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.