Indian Nickel Price Drops Hardest on Weekly Stainless Steel Index

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On the weekly Stainless MMI®, the cash price of primary Indian nickel finished as the week’s biggest mover with a 4.0 percent decline.

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The 3-month price of nickel fell 0.4 percent on the LME to $13,725 per metric ton after rising 0.4 percent the week before. Following a 0.6 percent increase in the week prior, the nickel spot price fell 0.3 percent on the LME last week to $13,650 per metric ton.

Chinese stainless steel prices were mixed for the week. Chinese ferro-chrome did not change since the previous week. Chinese ferro-moly remained unchanged for the week as well.

The price of Chinese primary nickel fell 0.3 percent after rising 0.2 percent the week before. Chinese 304 stainless steel scrap traded sideways last week. Chinese 316 stainless steel scrap prices held steady. The week finished with no movement for Chinese 304 stainless coil. Prices for Chinese 316 stainless coil remained constant.

The price of Korean 430 stainless steel coil did not change since the previous week. Following a steady week, prices for Korean 304 stainless coil closed flat.

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