Stainless MMI®: Cash Price of Primary Indian Nickel Sees Week's Largest Drop

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Closing at INR 812.30 ($13.58) per kilogram 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. 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. At CNY 8,300 ($1,352) per metric ton, the price of Chinese ferro-chrome did not change since the previous week. Closing at CNY 145,000 ($23,626) per metric ton, Chinese ferro-moly remained unchanged for the week.

The price of Chinese primary nickel fell 0.3 percent to CNY 97,100 ($15,821) per metric ton after rising 0.2 percent the week before. Chinese 304 stainless steel scrap traded sideways last week, hovering around CNY 16,400 ($2,672) per metric ton. Chinese 316 stainless steel scrap prices held steady from the previous week at CNY 16,100 ($2,623) per metric ton. At CNY 16,400 ($2,672) per metric ton, the week finished with no movement for Chinese 304 stainless coil. Prices for Chinese 316 stainless coil remained constant, closing the week at CNY 26,000 ($4,236) per metric ton.

At KRW 2.6 million ($2,376) per metric ton, 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 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.