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.
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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.
The price of Chinese primary nickel fell 2.1 percent after rising 3.0 percent the week before. Chinese 304 stainless steel scrap prices held steady from the previous week. Chinese 316 stainless steel scrap traded sideways last week. The price of Chinese 304 stainless coil did not change since the previous week. Prices for Chinese 316 stainless coil remained constant.
Korean 430 stainless steel coil prices held steady from the previous week. 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.