The week’s biggest mover on the weekly Stainless MMI® was the spot price of nickel, which saw a 3.7 percent decline on the LME to $14,765 per metric ton. This comes on the heels of a 3.8 percent increase the week before. The nickel 3-month price fell 3.4 percent on the LME to $14,895 per metric ton after rising 3.8 percent the week before. Following a 2.3 percent increase in the week prior, the cash price of primary Indian nickel fell 2.5 percent last week to INR 815.20 ($14.88) per kilogram.
Chinese stainless steel prices were mixed for the week. Chinese ferro-chrome remained essentially flat from the previous week at CNY 8,300 ($1,349) per metric ton. At CNY 145,000 ($23,570) per metric ton, the week finished with no movement for Chinese ferro-moly.
The price of Chinese primary nickel fell 2.1 percent to CNY 105,300 ($17,117) per metric ton after rising 3.0 percent the week before. Chinese 304 stainless steel scrap prices held steady from the previous week at CNY 16,400 ($2,666) per metric ton. Chinese 316 stainless steel scrap traded sideways last week, hovering around CNY 16,100 ($2,617) per metric ton. At CNY 16,400 ($2,666) per metric ton, the price of Chinese 304 stainless coil did not change since the previous week. Prices for Chinese 316 stainless coil remained constant, closing the week at CNY 26,000 ($4,226) per metric ton.
Korean 430 stainless steel coil prices held steady from the previous week at KRW 2.6 million ($2,376) per metric ton. Closing at KRW 4.2 million ($3,881) per metric ton, Korean 304 stainless coil remained unchanged for the 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.