The biggest mover on the weekly Stainless MMI® was the price of Chinese primary nickel, which saw a 4.0 percent decline. This comes on the heels of a 1.0 percent increase the week before.
Chinese 304 stainless steel scrap remained essentially flat from the previous week. Chinese 316 stainless steel scrap prices held steady from the previous week. The price of Chinese 304 stainless coil did not change since the previous week. Chinese 316 stainless coil traded sideways last week.
Prices for Chinese ferro-chrome remained constant. Chinese ferro-moly remained unchanged for the week.
The nickel 3-month price fell 2.5 percent on the LME over the past week to $14,845 per metric ton. This was the third week in a row of declining prices. The nickel spot price fell 2.4 percent on the LME over the past week to $14,765 per metric ton. This was the third week in a row of declining prices. Following a 0.8 percent increase in the week prior, the Indian nickel cash price fell 1.6 percent last 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.