The biggest mover this week was the price of Chinese primary nickel with a 5.4 percent fall on the weekly Stainless MMI® to close the week at CNY 107,700 ($17,374) per metric ton. Chinese 304 stainless steel scrap traded sideways last week, hovering around CNY 17,400 ($2,807) per metric ton. Chinese 316 stainless steel scrap prices held steady from the previous week at CNY 16,100 ($2,597) per metric ton. Chinese 304 stainless coil remained essentially flat from the previous week at CNY 17,400 ($2,807) per metric ton. Following a steady week, prices for Chinese 316 stainless coil closed flat at CNY 26,700 ($4,307) per metric ton.
Prices for Chinese ferro-chrome remained constant, closing the week at CNY 8,300 ($1,339) per metric ton. Closing at CNY 145,000 ($23,392) per metric ton, Chinese ferro-moly remained unchanged for the week.
At KRW 2.6 million ($2,376) per metric ton, the week finished with no movement for Korean 430 stainless steel coil. At KRW 4.2 million ($3,881) per metric ton, 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 to INR 822.70 ($15.23) per kilogram. 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.