Stainless MMI®: LME Nickel Down

Chinese stainless steel prices were mixed for the week. Following a steady week, prices for Chinese ferro-chrome closed flat at CNY 8,300 ($1,353) per metric ton. Prices for Chinese ferro-moly remained constant, closing the week at CNY 145,000 ($23,640) per metric ton.

With a 0.6 percent decrease, the price of Chinese primary nickel closed the week at CNY 104,800 ($17,086) per metric ton. Chinese 304 stainless steel scrap traded sideways last week, hovering around CNY 16,400 ($2,674) per metric ton. Chinese 316 stainless steel scrap prices held steady from the previous week at CNY 16,100 ($2,625) per metric ton. Closing at CNY 16,400 ($2,674) per metric ton, Chinese 304 stainless coil remained unchanged for the week. Prices for Chinese 316 stainless coil remained constant, closing the week at CNY 26,000 ($4,239) per metric ton.

Korean 430 stainless steel coil remained essentially flat from the previous week at KRW 2.6 million ($2,376) per metric ton. Korean 304 stainless coil prices held steady from the previous week at KRW 4.2 million ($3,881) per metric ton.

Following a 0.8 percent drop on the LME, the spot price of nickel finished the week at $14,625 per metric ton. The Indian nickel cash price ticked up 0.8 percent over the past week to INR 826.70 ($14.66) per kilogram. Since last week, the price of the 3-month price of nickel fell to $14,795 per metric ton on the LME after moving 0.4 percent.

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.

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