Stainless MMI®: Chinese 304 Stainless Steel Scrap 5.2% Lower

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Metal Prices, Premium

Following a 5.2 percent decline to CNY 16,500 ($2,673) per metric ton, Chinese 304 stainless steel scrap finished as the week’s biggest mover on the weekly Stainless MMI®. The price of Chinese 304 stainless coil decreased to CNY 16,500 ($2,673) per metric ton, a 5.2 percent decline from the previous week. Chinese 316 stainless coil fell 2.6 percent over the past week to CNY 26,000 ($4,211) per metric ton. The price of Chinese primary nickel rose 1.0 percent to CNY 108,800 ($17,623) per metric ton after falling 5.4 percent during the previous week. Chinese 316 stainless steel scrap remained essentially flat from the previous week at CNY 16,100 ($2,608) per metric ton.

Closing at CNY 8,300 ($1,344) per metric ton, Chinese ferro-chrome remained unchanged for the week. At CNY 145,000 ($23,486) per metric ton, the price of Chinese ferro-moly did not change since the previous 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 traded sideways last week, hovering around KRW 4.2 million ($3,881) per metric ton.

The nickel spot price fell 1.7 percent on the LME over the past week to $15,130 per metric ton. This was the fourth week in a row of declining prices. The 3-month price of nickel fell 1.2 percent on the LME over the past week to $15,225 per metric ton. This was the fourth week in a row of declining prices. The cash price of primary Indian nickel rose 0.8 percent to INR 829.50 ($15.30) per kilogram after falling 5.2 percent during the previous week.

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.