Stainless MMI®: Nickel Spot Price Falls for Third Straight Week

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Metal Prices, Premium

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. The cash price of primary Indian nickel shifted up 0.7 percent to close at INR 847.10 ($14.07) per kilogram this week. At $13,725 per metric ton, the nickel 3-month price finished the week down 0.6 percent on the LME.

Chinese stainless steel prices were mixed for the week. Chinese ferro-chrome traded sideways last week, hovering around CNY 8,300 ($1,347) per metric ton. Closing at CNY 145,000 ($23,529) per metric ton, Chinese ferro-moly remained unchanged for the week.

The price of Chinese primary nickel rose 0.6 percent to CNY 97,200 ($15,773) per metric ton after falling 8.8 percent during the previous week. Prices for Chinese 304 stainless steel scrap remained constant, closing the week at CNY 16,400 ($2,661) per metric ton. At CNY 16,100 ($2,613) per metric ton, the week finished with no movement for Chinese 316 stainless steel scrap. At CNY 16,400 ($2,661) per metric ton, the price of Chinese 304 stainless coil did not change since the previous week. Chinese 316 stainless coil remained essentially flat from the previous week at CNY 26,000 ($4,219) per metric ton.

Following a steady week, prices for Korean 430 stainless steel coil closed flat at KRW 2.6 million ($2,376) per metric ton. Korean 304 stainless coil remained essentially flat 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.