Stainless MMI®: Cash Price of Primary Indian Nickel Up for Third Straight Week

The week’s biggest mover on the weekly Stainless MMI® was the cash price of primary Indian nickel, which saw a 3.3 percent increase to INR 853.90 ($15.00) per kilogram. This week marked the third in a row of rising prices for the metal. The spot price of nickel rose 2.0 percent on the LME to $14,915 per metric ton after falling 0.8 percent during the previous week. The 3-month price of nickel rose 1.7 percent on the LME to $15,050 per metric ton after falling 0.4 percent during the previous week.

Chinese stainless steel prices were mixed for the week. Chinese ferro-chrome prices held steady from the previous week at CNY 8,300 ($1,352) per metric ton. Following a steady week, prices for Chinese ferro-moly closed flat at CNY 145,000 ($23,620) per metric ton.

The price of Chinese primary nickel rose 1.2 percent to CNY 106,100 ($17,283) per metric ton after falling 0.6 percent during the previous week. At CNY 16,400 ($2,672) per metric ton, the price of Chinese 304 stainless steel scrap did not change since the previous week. Closing at CNY 16,100 ($2,623) per metric ton, Chinese 316 stainless steel scrap remained unchanged for the week. Chinese 304 stainless coil traded sideways last week, hovering around CNY 16,400 ($2,672) per metric ton. At CNY 26,000 ($4,235) 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. Prices for Korean 304 stainless coil remained constant, closing the week 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.

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