The biggest mover on the weekly Stainless MMI® was the 3-month price of nickel, which saw a 3.8 percent increase on the LME to $15,415 per metric ton. This comes on the heels of a 2.5 percent decline the week prior.
The nickel spot price rose 3.8 percent on the LME to $15,330 per metric ton after falling 2.4 percent during the previous week.
The cash price of primary Indian nickel rose 2.3 percent after falling 1.6 percent during the previous week. The price of Chinese primary nickel rose 3.0 percent after falling 4.0 percent during the previous week.
Chinese stainless steel prices were mixed for the week. The price of Chinese ferro-chrome did not change since the previous week. Chinese ferro-moly remained unchanged for the week as well.
Chinese 304 stainless steel scrap fell 0.6 percent over the past week. The price of Chinese 304 stainless coil declined 0.6 percent over the past week as well. Chinese 316 stainless steel scrap traded sideways last week. The week finished with no movement for Chinese 316 stainless coil.
Korean 430 stainless steel coil remained essentially flat. Following a steady week, prices for Korean 304 stainless coil closed flat as well.
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.