Following a 5.2 percent decline, Chinese 304 stainless steel scrap finished as the biggest mover on the weekly Stainless MMI®.
The price of Chinese 304 stainless coil decreased 5.2 percent from the previous week as well. Chinese 316 stainless coil fell 2.6 percent over the past week. The price of Chinese primary nickel rose 1.0 percent after falling 5.4 percent during the previous week. Chinese 316 stainless steel scrap remained essentially flat from the previous week.
Chinese ferro-chrome remained unchanged for the week. The price of Chinese ferro-moly did not change since the previous week.
The nickel spot price fell 1.7 percent on the LME over the past week. 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. This was the fourth week in a row of declining prices. The cash price of primary Indian nickel rose 0.8 percent 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.