The week’s biggest mover on the weekly Stainless MMI® was the spot price of nickel, which saw a 0.9 percent decline on the LME to $13,610 per metric ton. This week marked the third in a row of declining prices for the metal.
At $13,725 per metric ton, the nickel 3-month price finished the week down 0.6 percent on the LME.
The cash price of primary Indian nickel shifted up 0.7 percent this week. The price of Chinese primary nickel rose 0.6 percent after falling 8.8 percent during the previous week.
Chinese stainless steel prices were mixed for the week. Chinese ferro-chrome traded sideways last week. Chinese ferro-moly remained unchanged for the week.
Prices for Chinese 304 and 316 stainless steel coil and scrap remained constant.
Following a steady week, prices for Korean 430 stainless steel coil closed flat. Korean 304 stainless coil remained essentially flat from the previous week as well.
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.