This past week saw the price of Chinese primary nickel drop 8.8 percent, closing as the biggest mover on the weekly Stainless MMI® at CNY 96,600 ($15,756) per metric ton. Chinese 304 stainless steel scrap traded sideways last week, hovering around CNY 16,400 ($2,675) per metric ton. At CNY 16,100 ($2,626) per metric ton, the week finished with no movement for Chinese 316 stainless steel scrap. Prices for Chinese 304 stainless coil remained constant, closing the week at CNY 16,400 ($2,675) per metric ton. Chinese 316 stainless coil remained essentially flat from the previous week at CNY 26,000 ($4,241) per metric ton.
At CNY 8,300 ($1,354) per metric ton, the price of Chinese ferro-chrome did not change since the previous week. Following a steady week, prices for Chinese ferro-moly closed flat at CNY 145,000 ($23,650) 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. Following a steady week, prices for Korean 304 stainless coil closed flat at KRW 4.2 million ($3,881) per metric ton.
The Indian nickel cash price rose 2.4 percent to INR 841.00 ($14.12) per kilogram after falling 3.8 percent during the previous week. Following a 2.1 percent drop on the LME, the nickel 3-month price finished the week at $13,810 per metric ton. Since last week, the price of the spot price of nickel fell to $13,740 per metric ton on the LME after moving 2.0 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.