The week’s biggest mover on the weekly Stainless MMI® was the Indian nickel cash price, which saw a 2.5 percent decline to INR 814.60 ($13.83) per kilogram. This comes on the heels of a 2.9 percent increase the week before. On the LME, a 1.2 percent gain landed the nickel spot price at $14,045 per metric ton. Last week, the 3-month price of nickel increased by a slight 1.1 percent on the LME to $14,130 per metric ton.
Chinese stainless steel prices were mixed for the week. Following a steady week, prices for Chinese ferro-chrome closed flat at CNY 8,300 ($1,353) per metric ton. Chinese ferro-moly traded sideways last week, hovering around CNY 145,000 ($23,630) per metric ton.
The price of Chinese primary nickel ticked up 1.4 percent over the past week to CNY 99,200 ($16,166) per metric ton. Chinese 304 stainless steel scrap remained essentially flat from the previous week at CNY 16,400 ($2,673) per metric ton. Chinese 316 stainless steel scrap prices held steady from the previous week at CNY 16,100 ($2,624) per metric ton. Prices for Chinese 304 stainless coil remained constant, closing the week at CNY 16,400 ($2,673) per metric ton. At CNY 26,000 ($4,237) per metric ton, the price of Chinese 316 stainless coil did not change since the previous week.
At KRW 2.6 million ($2,376) per metric ton, the week finished with no movement for Korean 430 stainless steel coil. Closing at KRW 4.2 million ($3,881) per metric ton, Korean 304 stainless coil remained unchanged for the week.
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.