The week’s 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 to INR 835.70 ($15.40) per kilogram after falling 1.6 percent during the previous week.
Chinese stainless steel prices were mixed for the week. At CNY 8,300 ($1,354) per metric ton, the price of Chinese ferro-chrome did not change since the previous week. Closing at CNY 145,000 ($23,652) per metric ton, Chinese ferro-moly remained unchanged for the week.
The price of Chinese primary nickel rose 3.0 percent to CNY 107,600 ($17,552) per metric ton after falling 4.0 percent during the previous week. Chinese 304 stainless steel scrap fell 0.6 percent over the past week to CNY 16,400 ($2,675) per metric ton. The price of Chinese 304 stainless coil declined 0.6 percent over the past week, settling at CNY 16,400 ($2,675) per metric ton. Chinese 316 stainless steel scrap traded sideways last week, hovering around CNY 16,100 ($2,626) per metric ton. At CNY 26,000 ($4,241) per metric ton, the week finished with no movement for Chinese 316 stainless coil.
Korean 430 stainless steel coil remained essentially flat from the previous week at KRW 2.6 million ($2,376) per metric ton. Following a steady week, prices for Korean 304 stainless coil closed flat at KRW 4.2 million ($3,881) 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.