The week’s biggest mover on the weekly Stainless MMI® was the nickel 3-month price, which saw a 6.2 percent decline on the LME to $14,110 per metric ton. This comes on the heels of a 1.7 percent increase the week before. The nickel spot price fell 6.0 percent on the LME to $14,025 per metric ton after rising 2.0 percent the week before. Following a 3.3 percent increase in the week prior, the Indian nickel cash price fell 3.8 percent last week to INR 821.50 ($14.16) per kilogram.
Chinese stainless steel prices were mixed for the week. Closing at CNY 8,300 ($1,352) per metric ton, Chinese ferro-chrome remained unchanged for the week. Prices for Chinese ferro-moly remained constant, closing the week at CNY 145,000 ($23,627) per metric ton.
The price of Chinese primary nickel fell 0.1 percent to CNY 105,950 ($17,264) per metric ton after rising 1.2 percent the week before. Chinese 304 stainless steel scrap traded sideways last week, hovering around CNY 16,400 ($2,672) per metric ton. At CNY 16,100 ($2,623) per metric ton, the price of Chinese 316 stainless steel scrap did not change since the previous week. Following a steady week, prices for Chinese 304 stainless coil closed flat at CNY 16,400 ($2,672) per metric ton. At CNY 26,000 ($4,237) 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. Korean 304 stainless coil prices held steady from the previous 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.